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Nifty is in consolidation with the range of 18300 to 15900

Nifty is in consolidation with the range of 18300 to 15900

Nifty has given a decisive closing below 20 week moving average and also had a breakdown from its upward moving channel . Now the next support will be found around 200dma and 50 week ma . Also the price action is line for the long term trend channel which acted as resistance after budget will now act as a support line . The red price action line will act as the resistance line for the nifty and for further breakout we need to have a closing above the red trendline.

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