Nifty Looks Set For More Downside For The Coming Weeks

Nifty was in a negative ascending channel for a long time after a previous impulse to the downside. On Friday Nifty broke the ascending channel to the downside with a strong bearish daily candle. The ascending channel has completed 3 touches indicating completion of the pattern. The first major support after this break can be 11100 levels as seen in the chart. If this support is broken then traders can expect nifty to take support around 10570 levels. Traders can look to enter on pullbacks and have a negative bias on Nifty till we reach the major support levels.

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