Half Hourly Chart
The Nifty made an Inside day indicating indecision. Status of technicals not changed much since yesterday, but it gives a slightly clearer picture of the right shoulder forming . A rising wedge too is seen to be forming from lows of 4786.
Oscillators on intraday charts are moving in tandem with price.Daily stochastics has given a sell in the overbought region. Rsi which had turned down from 50 levels is yet under it.Macd continues to make an uptick.Mixed signals.
Nifty closed up when other markets were falling .Is this a bullish signal ? Or is it a caution that we will follow the others down invariably? Market internals were good with more advancing stocks than declining and a positive breadth.Volumes were very good. This could mean the signal is bullish and Nifty may be forming the right shoulder of the inverse head and shoulder pattern.
Crossroads yet again. One needs to be cautious in trading till stronger indications of bullishness or bearishness.
Supports at 4961-4941-4904.
Resistance at 5060-5097-5167.
Happy Trading !!