- Nifty has broken the hourly uprising channel as shown as point 1 in the chart.
(Also observe the daily candle of 4th August, it has made lower low and lower high).
- Whenever the channel brakes, price action tries to touch the previous channel support ( Point 2 in the chart)
- I am expecting resistance between the zone 10080 - 10100 as previous support will act as resistance.
- The price action can attempt to touch previous support of 9920 - 9930 in the time of couple of days.
Kindly analyse at your end before taking the actual trade.
Target 1 - 9980
Target 2 - 9930
Stop loss - 10100.