Daily Chart
Nifty Futures Chart
Nifty continued the downmove after trying desperately to cover the gap made yesterday. The action made an engulfing bearish pattern which is as bearish as it's name suggests. Refer the Nifty futures chart for vividity. Nifty spot has taken support exactly at the last swing low mentioned yesterday. Nifty future too came close to it's corresponding low at 4933.
Breadth and volumes improved marginally. Half hourly oscillators have reached oversold zone and Rsi 14 has shown a positive divergence.
As shown in the half hourly chart yesterday, the rising wedge has been broken giving a target of 4678.
Solid supports at 4967-4925-4911.
Resistance at 5038- 5070.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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