Nifty Daily Chart
Weekly charts are bullish as indicated by the oscillators. However after 8 weeks of rise we have a Doji formation . Be on the watch for any weakness which may turn into a correction as a "Doji" signifies weakening of the existing trend. Trading has been marginally above the 50 wema since last two weeks which is now at a level of 3471. The 200 wema is at 3575.
Daily charts show negative divergence on the stochastcs, Rsi and Macd. A rising wedge formation which is bearish in nature is seen, which calls for caution to longs. The resistance of 3517 if taken out , will undo this bearishness.
Half Hourly Line charts shows the rising wedge more clearly.
Supports , Resistance and other relevant levels are marked on the chart.
To conclude , the Nifty has been ranging within the 220 point range of 3517- 3297 since last 2 weeks. A break from this range will give a 220 point move.
Happy Trading !!