Market Update
Harsh Patel
Founder
Nifty breaks support of 23800 with gap down as Brent crude soars above $100 Read to know what to expect from the market..
Nifty breaks support of 23800, Range support of 23,650 to watch out on the downside.
Nifty Daily Chart
Support levels: 23650, 23000 Resistance levels: 24000
Nifty fall -200 points to 23670, breaching support of 23800, which looks a Head & shoulder pattern on the hourly chart with pattern target of 23100-23000 as mentioned in our previous update.
However a on the trendline it looks like an Ascending Triangle consolidation on daily chart and pennant continuation pattern on weekly chart with a support of 23650, connecting lows of 22182 & 23072.
This continuation or range breakdown could result in a primary down move to 22500-22000, meanwhile swing low of 23000 may act as psychological support.
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