Nifty 50 has broken a trend line support which was from March 2020 on 31 Aug 2020. It has tested the trend line resistance during the week.
Also, it has formed bearish engulfing candle on weekly chart which adds to further weakness in Nifty 50.
Further correction expected next week with strong support at 11090. Breaking of 11090 level would lead to sharp fall to 10800 level. Resistance is seen at 11450 and 11600 level.
Also, it has formed bearish engulfing candle on weekly chart which adds to further weakness in Nifty 50.
Further correction expected next week with strong support at 11090. Breaking of 11090 level would lead to sharp fall to 10800 level. Resistance is seen at 11450 and 11600 level.