Nifty has hit a channel top with geopolitical events unravelling

Nifty was swiftly recovering after the Tariff war induced fall. On technical front Nifty has hit a channel top In the hourly line chart. Chanel tops are not easy to conquer and we saw Nifty retrieving today from there. Adding pressure to the rally is the Geo-Political situation after the Dastardly Pahalgam Terrorist Attack. If there is any action by India like Balakot (Swift and fast) any way it will be denied by Pakistan so nothing much will happen to Index. If there is only Political/Geopolitical long term steps taken again it will have less effect on the market. Market may decline drastically only if there is a full blown war between the 2 countries or more than 2 countries. (Possibility of that happening is less but we never know). Not much is in our hand if such a scenario arises. FIIs were seen buying big today so that is something to watchout in the coming days.

Technical Supports for Nifty remain at: 24096, 23882 (Mother Line Support), 23800 and 23316 (Father Line Support). (Mid channel support is also around 23300) so this zone presents a strong support zone.

Technical Resistances Remain at: 24335 (Major Channel Top Resistance), 24504, 24656 and 24785.

Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.