Nifty’s Possible Developing Channel

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• Nifty has taken support at Lavender line (5143) on Friday.
• There is possible developing channel which (on Friday Nifty not given single hourly close below it.) may come into action if Nifty does not break channels lower line (5130 may be the level to watch for downside)
• If Nifty does not break the lower line then it may head towards upper line where there is resistance at 5290.( If broken then uptrend may be there.)
• Even Hourly Stochastic is in Oversold Mode.
• So we can see better selling opportunity around 5290 levels and buying near 5140 to 5150.

For Further Reading,

Free Nifty Calls, Nifty Levels/View, Nifty Positional Update, Nifty Technical Analysis