Half Hourly Chart
Daily ChartWe have a doji today . Daily oscillators flattened for the day, RSI 14 yet not reaching oversold zone. Nifty traded below neckline all day making weak attempts to go up but ended making an extremely lower top compared to previous day and a lower bottom.
The half hourly chart does not have much to say . A breakout from a falling wedge formation can be seen on the charts. The oscillators have moved up from the oversold zone and shown positive divergences too but an upmove is still eluding.
The support of uptrendline from 2539 on weekly charts is at 4472. So in all probability the nifty will close below the trendline this week, adding to the bearishness. The flag formation on weekly charts has support at 3980 ( view weekly chart in my post for 6th July).
The doji, positive divergences, breakout from rising wedge, may lead to some pullback to the neckline which is at 4180.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
2 comments:
THANKS FOR YOURS UPDATED ANALYSIS ON NIFTY. MAM I WANT TO KNOW ABOUT TRADING STRATEGY IN WHICH TRADER WRITE NAKED CALLS IN CONTRARY DIRECTION OF HIS VIEW OF MOVING NIFTY. IS THIS PRUDENT ONE TO APPLY FOR TRADING. compareable with trading with naked nifty althogh we can refine this one by avoiding writing calls on major occasions
sandeep
i am sorry but i could not understand your query. It would be good to make this query at the discussion forum at
http://www.vipreetsafetrading.com/forum/
you have to register first .It will be easier to interact there and maybe you will get answers from some others too.
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