Daily Chart
Half Hourly Chart
Third day above the breakout from 5205 level and fourth day from the neckline and blue down trendline. This
gives strength to the breakout. The upper trendline of the channel on half hourly charts too has been crossed. The daily 5,10,20,50 and 200 emas are all bullishly aligned. Today was the seventh day of continuous rise.
The points of concern though are, breadth was only marginally positive and volumes have been falling marginally since last two days. The daily stochatics has reached the overbought region and given a sell. Half hourly oscillators are showing negative divergence.The macd and Rsi14 however are showing strength.
The trend is up and a close above the 80% retracement level at 5277 will clear the way for retest of the top at 5399. Targets of 5335-5380 seem to be achievable as of now .
Continue long with a stop loss of 5205 on a closing basis.
Resistance at 5277-5294-5342-5399.
Supports at 5231-5206-5165.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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