Nifty looking weak after closing below Motherline.

4 ต.ค.

Nifty has today not respected 2 key supports that are daily Mother line support and Mid-Channel support. After making a high of 25485 Nifty closed at 25014 which is just below Mother line 50 days EMA at 25065. The candle is very weak and Nifty already looking as if in the tight grip of bears and there was massive selling at upper levels. However today's low seems to be a support level. If Nifty has to make a come back it should be during first half of next week. RSI support is at 39.82 and 26 which can be the turnaround zones, right now the RSI on daily charts is at 40.63. Nifty supports remain now at 24966 weak support, 24698, 24384 and finally 23874 Important channel bottom support. If channel bottom is broken (less likely) but by chance if it is broken the only support that will remain at father line which is at 23241. Reaching there will already be a mayhem but below that (again very less likely) the Nifty will shift totally into bear territory. Next week will be very important not only incontext of the remainder of the month but also in context of the last quarter of the year.

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