Nifty Technical Analysis 21-25 May

Nifty Technical Analysis 21-25 May

In the last Nifty analysis we discussed: For next week Karnataka election result can make a significant impact on markets, Bulls need to break & close above 10843 for a move towards 10915 / 11063 & on the other hand 10660 will act as good support on closing below that we can see the move towards 10570 / 10390.

Bulls failed to get close above our 10843 Natural number resistance level & result in that we saw a down move of nearly 250 points from near our resistance point, as shown in above chart prices break below 2*1 (Brown) gann angle by using fix rule of applying gann angles.

For next week 10407 will act as a good support point in case if we see any downside near to that level & 10682 will act as a strong resistance point.

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Note: Above mention Price projection & other Information are for educational purpose only.

About the author

Divesh Jotwani is a full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day-in and-out markets.