Daily Chart
Half Hourly Chart
- A bullish candle resisting exactly on the down trendline from 5400 top.
- Volumes were very low and breadth almost 1:1
- Daily oscillators strong and all emas bullishly aligned.
- Half hourly oscillators neutral and emas bullishly aligned.
All indicators are once again bullish.However till 5400 is crossed decisively the fear of the fall resuming looms.Resistances between 5300-5400 are many. Breaking above 5334 will be a breakout from the downtrending channel and could lead to upsides, but one needs to be very careful in trading the breakout till 5400 is taken out. The nifty has taken support at 5316 thrice today and violation of this level could be the first sign of weakness.Supports at 5278-5154.
Suggesting a directional strategy at this juncture is difficult.Longs may keep a stop loss of 5278 and shorts a stop loss of 5400.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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