Half Hourly Chart
Nifty has formed a bearish rising wedge - as is visible on half hourly charts - which is a continuation pattern indicating the fall may continue.
A doji was formed on daily charts showing losing momentum on the upside which started from 5548 lows.20 ema shown in green on daily charts proved resistance.The retracement was around the 38.2 % of the fall from 5777 to 5348.If this level is not regained and the Nifty falls then shows bearishness.Resistance therefore is at the 5643-5650-5660 where the 38.2% fibo level, 20 ema and earlier gap exists.Till this is crossed and closed above it decisively the Nifty will be under bear pressure.
The rising wedge was broken down in the last half hour indicating more fall to come.Redrawing the support line the Nifty needs to stay above 5647 for the day to avoid breaking below the redrawn line.If fails then Nifty could go down by a 100 points.
Strong support is at 5578 at the uptrendline from June which remains unviolated. 50 ema is at 5602. Fibonacci supports for the rise from 5548 to 5643 are marked on half hourly charts.
A weekly close above 5602 is required to stay above the uptrendline from June lows on weekly charts.
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DisclaimerAll the calls made in this section are based on my judgment and the information available at the particular point of time. Adequate precaution has been taken while writing the analysis. However, no responsibility is taken for the losses or gains made through the analysis, either legally or otherwise. Readers are advised that acting on the analysis is at their own risk. Stock Market trading involves risk and is a high risk & high return business and I do not accept any financial and/or legal responsibility arising from the use of the information