- Nifty reacted at the green trendline shown on daily charts which is joining the January 2008 highs and the may 2009 highs.
- Volumes were marginally higher but advance declines were only very marginally skewed towards declines giving us no clue about direction.
- Daily RSI and Stochastics have turned down but not shown any weakness and half hourly oscillators are fast approaching the oversold zone.
- The 5,10 &20 ema on half hourly charts are once again bearish whereas on daily charts ema's are all bullishly aligned.
- Nifty is moving in a downward sloping channel and is moving towards the lower trendline where it may find support at 3801.
- Nifty has strong support around 4300 -- Blue TL on daily chart at 4301 , 38.2% retracement of rise from 3918 at 4313, Nifty below all ema's except 200 period ema which will provide support around 4290.
Happy Trading !!