Half Hourly Chart
A small bodied candle maintaining the lower high and lower low pattern on above average volumes and marginally negative breadth. The positives of today's session was that the close held the 5400 level . The 161.8% fibo level of fall from 5451 to 5407 at 5380 offered good support.
The last four days action has formed a falling channel which could be labeled as a flag . This is bullish and one could expect the Nifty to break out from the upper trendline.The trendline offers resistance at 5418.The lower trendline has support at 5365.A break below this trendline would be bearish and Nifty would seek lower levels. Daily macd continues to be in sell mode.
The half hourly chart shows a bearish head and shoulder pattern with the neckline coinciding with the 161.8% fibo level of fall from 5451 to 5407 around 5380.This makes the 5380 level important support.The 200 period ema which gave good support today is at 5386. The next strong support is at 5315 which is the 61.8% ( 5210-5477 rise) and the 23.6%(4786-5477) fibo levels coinciding.
Till now the nifty has traded within last weeks candle range between 5353-5477.A break on either side could give direction .A close above 5400 would be bullish as it would be a breakout on monthly charts.
Supports are at 5400-5380-5365-5353-5315 and Resistance at 5418-5450-5477-5515.
Happy Trading !!