Nifty 50 has broken the 2016 uptrend channel in the august month. It’s a sign of upcoming a new trend. The consecutively closing price of nifty below to the uptrend channel may push up to 10500 – 10100 below. Check the below chart to understand the current trend:
Recently, nifty 200 MA is crossing 50 MA. The second crucial thing is the nifty closed above the current downtrend. It can be fake-out. Wait for a new tail before start trading on Monday or follow the following strategy:
Nifty can test 11190 level. The consecutively two closings above to this test level may lead the nifty 50 price upside up to 11340 – 11460 – 11700+.
If nifty make a new red tail in the green trendline, it will fall up to 10800 – 10680 levels.
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