Daily Chart
Daily Line Chart
Half Hourly Chart
The 50% fibo level of rise from 4984 has proved strong resistance and prevented a follow through of yesterday's bullish move. The fall though was restricted only to 38.2% , was on very low volumes and bad breadth.
For more upsides the nifty must trade above 5207 and first signs of weakness will be a break of 5126. Since the Nifty is in a short term downtrend , so the likelihood of 5126 breaking is higher.The line charts shows the failure to break above 5200.
Resistance is at 5241 the 61.8% fibo level. The fall to 4984 consumed 22 days . A faster retracement to 5400 would be bullish .The trendline from 3918 is now very significant support.Till this line holds the Nifty may move higher.Support from this trendline is at 4999.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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