Nifty analysis for 3 May to 7 May,2021. Bearish for now.

Nifty is outside the parallel channel.

It did retest the channel twice but got rejection heavily.

It also did breakout the line of support but not convincingly.

Hence Monday will confirm whether it will respect the support or further breach is done.

If the breach is done it will have another support as marked in chart.

If Nifty successfully breaches that too then we have the downward target marked.

Happy Trading & Stay Safe.