According to Way2Wealth, for Nifty the next immediate support level is pegged at 7185, we expect this decline to continue until this support level is hit, on breach of the same sharp sell-off is expected.
The Nifty in the past session almost tested the rising resistance line on the hourly chart and turned its direction. The index violated the previous swing low of 7230 and ended well below the same. The next immediate support level is pegged at 7185, we expect this decline to continue until this support level is hit, on breach of the same sharp sell-off is expected.
Traders can continue to hold short position and trail SL to 7311. Negative divergence can be observed on the hourly chart which indicates southwards journey to continue in the index.
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