NIFTY possibilities for coming days!

Earlier I had posted a NIFTY idea on 14th May that NIFTY was at a make on break situation. It bounced from the lower trendline and gave an upmove. Now it has faced rejection from 200 EMA and gave a weak closing. SGX NIFTY indicates a gap down for tomorrow.

Scenario 1: NIFTY can retest 16400 levels (fill one gap till 16371) and bounce from there.

Scenario 2: NIFTY can retest trendline 2 (fill another gap and make a triple bottom) and bounce from there

Scenario 3: NIFTY can break down trendline 2. Kindly refer to my previous idea for breakdown levels.

For intraday tomorrow crucial levels on lower side are 16440, 16400 and 16371.

Learn & Earn,

Dr. Tanya Kumar

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Previous idea

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Intraday levels