Daily Chart
Half Hourly Chart
Yesterday's bullish engulfing pattern failed to follow through giving in to bear pressure.The gap down too not being filled increases the bearishness.The daily oscillaotrs are oversold indicating the Nifty may see a pullback soon.
The falling wedge breakeout on half hourly charts failed and the Nifty is back below the downtrendline.The gap made between 4943-4882 will prove stiff resistance and till it is closed the trend will continue down.The minor peak at 4976 needs to be taken out decisively for the rally to materialise.Stiff resistance at 4954-4958 exists.With the 20/50 ema giving a 400 point gain to the bears already partial profits on shorts need to be taken in anticipation of a pullback.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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