Daily Chart
Resisted once again at the redrawn down trendline from 5629.Resistance now at 5153.
20/50 dema has once again given a golden cross which is a positive.Oscillators though showing waning momentum.
Trend deciders placed at 5204-5076.
Daily Chart
Unlike the Bank Nifty, the Nifty is failing to show bullish patterns.In fact a descending triangle seems to be forming with support at 5094 and resistance at 5155-5140 for the day.This is a bearish pattern so holding 5094 is crucial.
Half Hourly Chart
Or maybe we could consider the red triangle shown below to be an ascending triangle.In any case a break above 5195-5200 is necessary to bring in upward momentum.
Half Hourly Chart
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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