Half Hourly Chart
A lower high and lower low candle bouncing exactly from the 50% fibo level of rise from 4984. The Nifty is once again in a range moving aimlessly on low volumes, and in the process creating another bearish pattern , that of a rising wedge shown in red on half hourly charts.
Daily oscillators are moving up from oversold levels.Half hourly oscillators have started moving down from overbought regions.All half hourly emas excepting the 200 ema are bullishly aligned. The 200 ema is at 5182 and will prove resistance.The short term dema 5,10 and 20 are bearishly aligned. The 50 dema too offers resistance at 5181. Down trending channel on daily charts offers resistance at 5192. 5175 is the trendline resistance on line charts.5206 is the top made on the rise from recent lows at 4984. This makes the range from 5175 to 5206 full of barriers to be crossed.
The Nifty may move higher till the support from trendline joining lows from 3918 is held. However watch for a break from the rising wedge to cover longs.
Be hedged on longs and shorts .
Happy Trading !!