Support- 16800 Resistance- 17400 China-US relation is at risk | Stock Shiksha
Support- 16800 Resistance- 17400
China-US relation is at risk over US house speaker's visit to Taiwan. This is why Volatility index has risen globally by 5-6%. The risk is for 1-2 days only. Crude price has again tumbled ahead of OPEC+ meeting. Manufacturing data for many countries released yesterday which is showing there is slowdown but India's GST collection and factory output came stronger.
Technically, 16800 is support which is far away because Nifty has rallied almost 1000 points within 4 days. There is no stop in between and hence finding support is difficult. There are many gaps too. RSI is around 75. PCR is at 1.49 and FIIS position is at 67%. These all are saying Nifty is in overbought zone. So my stand will be again sell on higher level with stop loss above 17400.
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