Market Update
Double Top Breakdown in Nifty after? Read to find out where is market heading.
Support levels: 25700 Resistance levels: 25950-26050
Nifty's close below 25900 on Thursday confirmed 'Rising Wedge Breakdown' which is a reversal pattern seen at the end of Up trend, theoretical target is seen at 25350. Though that is not the only reversal pattern at play.
A Double Top formation is now clearly visible and same gets confirmed below 25650 with a theoretical target of 25000, which is also the channel support for larger consolidation on weekly chart.
Apart from that bulk selling activity is witnessed in the topline stocks, which supports the breakdown along with RSI and MACD trends.
Below 2570,0 we may see liquidation in market up to 25000, tail risk probability is heightened at this point due to current global risk scenarios led by US rhetoric of Imperialism as America was never so close to default in its history.
Tradzo Research
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