Daily Chart
Daily Chart II
Half Hourly Chart
Nifty had a gap up opening and closed above the gap after dipping into
it a few points.The candle formed was however very small failing to
instill confidence that the upmove will continue. High of 5965 still
remains resistance.
Daily chart II zooms into the latest action which also shows a rising
wedge being formed.Rising wedges have a series of higher highs and
higher lows which keeps the trend inherently bullish.However, the loss
of upside momentum on each successive high gives the pattern its bearish
bias.Support is at 5851on the support line.5823 is the last prominent
low.5815 is the top made on 5th October.Break of these supports will
bring in weakness.Bullish candles on high volumes is required to show
strength in the upmove.
Half hourly charts show the bearish head and shoulder pattern is still valid.Fibonacci supports are marked.
It is prudent to hedge longs and take profits on the way up .
Half hourly charts show the bearish head and shoulder pattern is still valid.Fibonacci supports are marked.
It is prudent to hedge longs and take profits on the way up .
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
Lakshmi Ramachandran
www.vipreetsafetrading.com
Disclaimer
All
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
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