Nifty at the crucial make or break point

NIFTY

On Dec 17, Nifty’s close is very significant as it closed at the point where three support points meet.

1. Support at the central line of the downward channel.

2. Support at the 61.8% Fibonacci retracement level (Aug Low - Oct High)

3. Support at the trend line formed by connecting the bottoms of July 28 & Nov 29

Nifty breaking this point decisively can therefore be seen as signal of further down, probably at accelerated pace.