Daily Chart
Daily Line Chart
The Nifty hit the resistance level of 5915 mentioned yesterday and closed just below it at 5907. As anticipated, the recovery after the morning sell off led to a higher high and higher low candle showing recovery attempts. The recovery created a long lower shadow which is bullish showing buyers at lower levels. The Breadth was positive but volumes average.
The line chart shows 5901 as a crucial level tomorrow, for a breakout from the bullish falling wedge. Breakout could signal bullish times ahead.
The red dashed line is now important support at 5728 levels.
Half Hourly Chart
Strong resistance at 5935 which is the 61.8% level of 6070 - 5721 fall and 38.2% level of 6338-5690 fall .It is also the resistance level from the up trendling channel shown in blue for the first half hour.
Resistance at 5935-5947 - 5985 - 6010 - 6070. Supports at 5870-5840-5817-5795-5728.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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