Share market Malayalam Weekly analysis - Nifty Chart 13/01/2020
After breaking alltime high few weeks before, nifty is consolidating. Those who follow our share market malayalam youtube channel may have seen the nifty charts I shared below.
Last week, volatility due to geo political tension between USA and Iran caused nifty to break below that consolidation channel. As we discussed in our price action videos in our channel, once support is broken it becomes resistance. Nifty tried to come back to that channel on 7th January. But opened just below the resistance level and fell down. On 9th January nifty opened above the resistance level and moved up to enter the channel again.
Today it broken that channel upside. After breakout, it retested it an moving up again. If it succeeds to close above, It can touch next trend line resistance level easily. If it fails channel support level will act as immediate support. I have mentioned levels in charts given. I have updated these levels on friday itself in our youtube channel share market malayalam.
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Disclaimer: Author is not a sebi registered analyst. Views are shared based on market research and study and personal in nature. Others can take the different view and opinions. Please study thoroughly before enter or exit the trade.
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