Daily Line Chart
Half Hourly Chart
- An inside day showing indecision but the closing was lower than previous trading session showing weakness. .
- Close above the low made at 4954 showing stalling of selling.
- Up trendline joining lows from July 2009 yet not violated though the Nifty traded below it intraday in the last two sessions.
- All emas bearishly aligned on half hourly charts making the short term trend bearish.
- 5,10 & 20emas bearishly aligned and 5 bearishly aligned with the 50 ema on daily charts showing increasing bearishness.
- All half hourly oscillators have moved up from the oversold region but not showing strength. Daily oscillators are weak and approaching oversold levels.
- Support taken above the bottom made at 4945 in the month of December.
One could also take a cue from the high and low of the Inside day pattern . The high is at 17000 and low 16608. Trade long if 17000 is taken out decisively and trade short if the low of 16608 is broken.
Supports and resistances shown on Charts.
Happy Trading !!