Daily Chart
Half Hourly Chart
Third day of lower bottom lower top . From the action today it seems that fall will find support soon since Nifty was finding support at every fall. Of course there was selling at every rise too but at the moment we need to check whether the selling is getting arrested.The day's candle therefore formed a doji like pattern indicating indecision.
Intraday Charts
All moving averages 5,10,20,50 bearishly aligned, but yet above the 200 ema. 200 ema offers support at 4591.Oscillators have started moving up without touching the oversold zone barring the stochastics. This could be a sign of strength or may be sign indicating more selling to come.
Daily Charts
All moving averages bullishly aligned. Rsi14 is above 50 and Macd is yet in buy mode. Stochastics has moved below 50 but yet to reach oversold zone.
The support on the uptrendline from March 2009 lows has support at 4551 on daily charts and at 4524-4540 on half hourly charts. 4549 is the 50% retracemnt level of rise from 4353. So watch out for a rebound from around the 4525-4550 levels.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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