Daily Chart
Half Hourly Chart
The Daily Line Chart had been showing weakness in Nifty since two days and today the uptrendline on candle charts too was broken decisively forming a bearish engulfing pattern , promising more downsides. The important 5400 level too was broken and Nifty closed below it at 5497.Oscillators are above the midpoint but moving down after showing negative divergence. The Macd has given a sell. More fall possible.
The 200 period ema on half hourly charts lends support at 5385. All , 5,10,20,50 emas are bearishly aligned.
Oscillators have reached the oversold region.
Supports at 5375-5385-5353-5315 and Resistance at 5400-5430-5455-5477.
Strong support at 5315 which is the 61.8% ( 5210-5477 rise) and the 23.6%(4786-5477) fibo levels coinciding.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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