Half Hourly Chart
Daily Chart
Half Hourly Chart- Head & Shoulder "Is the red channel indicating a U turn? The nifty needs to close above 4223 tomorrow for that." Well we closed above that but not with a thunder. So is the U turn for real? Well we dont have enough evidence as yet.
Daily Charts
The Nifty has broken out of the falling channel (shown in yesterday's post) giving an immediate target of 4490 .
The 5dema at 4298 proved resistance. The 10dema at 4350 is fast approaching to cross below the 20dema at 4328. All the three demas are resistance points. The chart shows selling at 4314 levels. 4365 was previous support which will now be resistance.
Once this 4314-4328-4350-4365 congestion is crossed we may see upsides towards the target of 4490.
The uptrendline from 2539 still holds and has support at 4272.
Intra Day Charts
The pink channel supports and resistances are marked. Levels of 4352-4365 offer resistance , which I have already mentioned on Daily charts. So looks like we may find it difficult to cross this level.
I have spotted a potential head and shoulders bearish pattern with the neckline at 4115. break would give a 600 point move down to 3550. Invalidation point is a move above the head at 4693.
Conclusion
We may have a upmove in the short term. Strength of the move will give us evidence whether it is a dead cat bounce or a resumption of the uptrend. Till then trade long with stop loss at 4143 and trade cautiously.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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