Daily Chart II
Half Hourly Chart
Half Hourly Bar Chart
- An Inside day showing indecision.
- Close exactly at 5230, the resistance level shown on the falling wedge yesterday.
- The 5,10 and 20 dema are bearishly aligned indicating short term could continue to be bearish.
- All moving averages on the half hourly charts are bearishly aligned.
- Daily oscillators show further selling could come in.The stochastics however has given a buy in the oversold region.
- Half hourly charts show formation of a bear flag in the run up from 5161.
- Half hourly oscillators are in the neutral zone.
- Breadth was extremely good and so was the volumes.
The Nifty needs to trade above 5221 for a breakout from the redrawn wedge.The bear flag shown on half hourly charts has supports at 5219-5252 for tomorrow.Break from these supports will lead to test of 5161 and on break of 5161, seek lower levels.
The immediate trigger is the break of the Inside pattern's high of 5279 or low of 5161. Longs can keep a stop loss of 5161 and shorts a stop loss of 5279.