Nifty spot live chart on the basis of hourly chart trend is
selling from 7200 and it says to cover your all short position in Nifty at 7025
means we get total 175 points as profit in 4 trading days but still it does not
confirm that buying trend has started in Nifty. support and resistence is used
to book maximum profit in this trend for intraday purpose. suppose if Nifty
closed at 7029 at Friday then if open on 7022 and still give closing above then
it first resistence will be 7059 means if you buy nifty above 7022 then your
first target will be known as first resistence that is 7059. so as if nifty
closes below 7022 and you short nifty then first support will be 6991 means
that is first target in short selling case of Nifty that is first support of
6991.
if you still short
Nifty at 7059 then your support as well as target will be 7029.
If you buy Nifty at 6991 then your resistence and target
will be 7029.
This is the right way to indentify support and resistence
and target in Real time market. this
chart is used for giving you best example.
