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Nifty Outlook: Is Nifty Preparing for 16800?

Posted: 17 Apr 2022 08:35 PM PDT

Thought of The Day

Thought Of The Day
I have two basic rules about winning in trading as well as in life.
(1) If you don’t bet, you can’t win
(2) If you lose all your chips, you can’t bet.
~ Larry Hite

Timeframe: Daily

Previous close – 17475

Nifty had made a high of 18114 and started falling as the price was heaving horizontal resistance. Price couldn’t sustain above previous Lower high and started declining.

Nifty is at the support of 17440. Traders can expect a gap down.

If the price breaks out to 17440, the support level will be 17300 – 17000 – 16800. Nifty is strong only above 16600, and closing below 17230 indicates weakness.

Time frame: 1-hour

It looks like nifty has broken down the uptrend channel A and started falling. Price is forming and moving into corrective channel B.
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