Daily ChartToday was a day of rangebound sideways movement , finally ending up 9 points , as an 'Inside Day'. An inside day is a day where the trading range remains within that of the previous day. Direction of trade is determined fromthe breakout or breakdown from the previous day's range.
Daily oscillators have not shown much change since yesterday in the neutral zone. Intraday oscillators have moved down from overbought region but yet to reach oversold zone.The intraday stochastics however has given a buy from the oversold region.This may lead to some upside movement. The Nifty has also broken out of the consolidation pattern seen on half hourly charts whichsupports this.
The moving averages on all time frames are bullishly aligned.
Resistance is at 4842-4850-4880 and support at 4780. Watch for break from the range of 8th September, 4842-4782 for further direction.
Stop loss for longs at 4635 on a closing basis -- the level for tomorrow on the uptrendline from March 2009 lows of 2539.
Happy Trading !!