Half Hourly Chart
Nifty stuck in a sideways move between 5965-5823 as depicted by the red diamond pattern shown on daily chart . Breakout points for the day are 5929-5847. Intraday range for breakout is marked on half hourly charts.
Till this sideways move between 5965-5823 remains unresolved it will be difficult to trade.The bias is down and the danger of breaking down is more.However holding the strong support of 5839-5823-5815 will see the Nifty attempting to break out on the upside.
Nifty has found strong resistance at 5965 and is correcting the move up from 5548 to 5965.Supports at 5839-5815 are holding well too making a range which needs to be broken to get more clarity of which path the Nifty is going to take. Till then reduce longs and wait for more clarity.
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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