Half Hourly Chart
Just a short writeup as I am just back from a weekend trip to Mumbai.
Fifth consecutive week of upmove. Volumes were low for the week.Weekly stochastics has reached oversold zone so we may watch it for turning weak. Rsi and macd are still strong. Still within the channel. New uptrendline from low of 4675 gives support at 4900. This level coincides with the 50% retracement level of the entire rise from 4675, at 4917.
Daily and half hourly charts have nothing new to say since the move has been sideways with a slight upward bias.
Trend up so be long with a stop loss of 5092 and longs with a slightly longer term view could wait for a break of the uptrendline from 4675.
Happy Trading !!