Channel Breakout of the trend is being tested.

19 thg 4, 2023

Recently Nifty on 10th April gave a channel Breakout. Since the negative channel upper limit was respected in last 4 months or so this breakout was a major first step towards up trend. Since it was a major breakout Nifty is trying to look back and test it's support zone before it can fly ahead. Major supports zones from where Nifty can re start the up trend again are:
Support Zone 1: 17618 (current level) to 17528.
Support Zone 2: 17424 to 17267. (A close below 17267 will make this current Channel Break out that Nifty saw on 10th April 2023 a failure).
Resistance Zone 1: 17690 to 17856.
Resistance Zone 2: 17856 to 18004.