Nifty Moves

Daily Chart

The Inside day pattern made on Wednesday in oversold conditions did turn out to be a reversal.The Nifty made another gap up open ending in a bullish candle which broke and closed above the blue downtrending channel, 20 Ema and 200 Ema and the huge gap made on the way down at 5755-5822.This is very bullish and the pullback should continue.The momentum is good and a  move to 5963 levels is possible.

5847-5897 level is the next hurdle to overcome. Resistance is now at the 50 Ema wgich is at 5847, gap resistance at 5868-5878 and the downtrendline from 6229 highs at 5872. 50%  fibo level ( fall from 6229-5566) is at 5897.

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Lakshmi Ramachandran
www.vipreetsafetrading.com