Half Hourly Chart
Nifty continues to be in a deep slumber turning sides groggily on extremely low volumes that is sending traders into a tizzy. The candle formed today was an inside pattern depicting indecision once again. The pattern range is 5353-5416 which needs to be broken to get a sense of direction. Breadth was marginally positive.
Daily oscillators continue showing negative divergence.
Half hourly charts show an elongated right shoulder forming. Oscillators are above the 50 mark showing a neutral outlook.Break above the downtrendline from the top of 5453 is proving elusive . A breakout from this short term trendline will lead to increased probability of more upsides.While break of the neckline will take the nifty to lower levels.
Supports are at 5384-5353-5347-5272 and Resistance at 5400-5416-5453.
Happy Trading !!