Nifty :: As per our yesterday post Nifty face resistance exactly near channel top, and made Engulfing bear candle with volume.. Conformation required for bearish structure.. If it didn’t break low 4814 and given close as green candle then again we see firm up move from bottom due to oversold, short term indicator.. Now in up move channel upper trend works as resistance.. We again repeat, short term and mid term momentum already turns negative, so be careful at higher level if Nifty open gap up.. Due to oversold region our strategy buy only in deep (Strictly S.L 4766) Sell at high (S.L 4967).. Resistance for up move at 4872/4893/4924/4950/4967.. Supports at 4814/4801/4887/4766/4735..
Supports: Immediate and probably the main support for the last up move lies at 4795, A confirmed break below that can certainly bring 4760-4730 again, with a target of 4640 & 4400 positionally.
Resistances: Main resistance which can bring a potential intermediate reversal is lying @ 4940, above that it can certainly hit 4980/90-5040-5080/90. Intra day hurdles are placed @ 4870-4895.
This is Nifty hour with 9hr Rsi.(Not 5 hr). It is in "Oversold" zone & a short term "intraday"reversal is possible.
Staying below 4865(Pivot) will keep the pressure on. Only a daily close above the "Day ema"(4893) will arrest the downtrend.. 4915/4935/4965 will continue to attract selling.
Staying below 4865(Pivot) will keep the pressure on. Only a daily close above the "Day ema"(4893) will arrest the downtrend.. 4915/4935/4965 will continue to attract selling.
It is clearly in downtrend.
Utilise short term bounces to sell.
Notice how last two days, it was sold into at the day High ema(8712).
A daily close below its "Day low ema" will drag it further down.
Utilise short term bounces to sell.
Notice how last two days, it was sold into at the day High ema(8712).
A daily close below its "Day low ema" will drag it further down.
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