An inside day once again taking support on the red trendline which joins January 2009 and April 2010 highs. Breadth was negative and volumes marginally lower than yesterday. Yesterday's range 5266-5366 gains importance for showing direction. A hundred point move can be expected on breakout of this range to 5466 on upside and 5166 on downside.
The Nifty futures chart shows a lower high and lower low candle. The gap made yesterday 5296 -5316 may be filled tomorrow.So that makes 5296 important support on the Nifty futures chart.
Daily oscillators stochastics is moving down in sell mode above the 80 level, Rsi 14 has turned down before reaching the overbought level.Half hourly oscillators are all weak and fast reaching the oversold zone. The half hourly 5,10 and 20 ema are bearishly aligned and moving down. The 50 half hourly ema has support at 5300.
Supports at 5309-5291-5245.
Resistance at 5333-5350-5366.
Happy Trading !!