Half Hourly Chart
Daily Line Chart
- Huge bullish candle retracing 50 % of fall from 5400 on good breadth and average volumes.
- Daily oscillators moving up from oversold area and macd has shown an uptick.
- Half hourly charts show breakout form downward sloping channel giving a target of 5276 and above the green trendline once again.
- Half hourly oscillators are strong and have reached the overbought zone.
- The 5,10,20 & 50 emas are now bullishly aligned on half hourly charts.
I wrote yesterday, The intraday charts though are showing positive divergence and very minor bullish patterns which could develop into a small bouce. What seemed like a small bounce in the offing, turned out to be huge bounce of 175 points! 50 % of the fall was retraced in one day !
The Nifty needs to trade above 5213 tomorrow in order to continue the bullishness. Resistance is at 5241 the 61.8% fibo level. The fall to 4984 consumed 22 days . A faster retracement to 5400 would be bullish .
The trendline from 3918 is now very significant support.Till this line holds the Nifty may move higher.Support from this trendline is at 4994.
Happy Trading !!