Half Hourly Chart
Daily Chart
Daily Line Chart
I mentioned yesterday, " Yesterday's high and low become turning points tomorrow. The break of rising wedge points at breaking the low of 5299." The Nifty broke below the level to form a huge bear candle closing below the 61.8% level shown on half hourly charts. The AD line plunged.Volumes were the largest since last 7 days.
Rising wedge target is 5130 .Good supports at 5150 and 5120 shown on half hourly charts.5160 is the latest low made on 19th April. These levels should offer good support .
On daily line charts 5200 is significant support and a close below this level would give a target of 5025. the 50 % retracement of rise from 4675 to 5400 is at 5037.
Among daily oscillators, Rsi 14 has broken it's low made when the Nifty made the low of 5160.This points to the possibility of 5160 being broken.Macd made a downtick and stochastics moving lower after giving a sell.
Till the low of 5160 is broken the trend is up. However , a lot of weakening signals cropping up cannot be ignored. One can be on the short side but appropriately hedged till the trend turns down technically.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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