Daily Chart
Nifty continued making a higher high higher low for the second consecutive day.Volumes were good. The candle however failed to keep up with the bullish candle of yesterday. On the other hand it made a shooting star which has bearish implications. It is not an ideal shooting star but the longer upper shadow , small real body towards the low and the high levels that Nifty is trading at , makes me cautious .Moreover yesterday's bullish candle was not accompanied by good volumes. There is a potential head and shoulder bearish pattern which has the neckline at 5350. The oscillators too are not showing strength.
Half Hourly Chart
Conclusion
Nifty continues to be within the 5349-5477 range which I mentioned as a no trade zone. Direction will be clear only after a break from this range. Till the top of 5477 is taken out decisively , chances of breaking the neckline at 5349 seems higher .
Supports are at 5414-5397-5364-5349 and Resistance at 5445-5459-5477.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
3 comments:
Madam, Nice to see your pic. At last, you did it... :-)
Good Day ahead...
I see a lot of trend lines in your chart, how about adding 22ma or 50ma(one that got earlier support) to improve accuracy
Bala
Sachin, It is nice to be without a face. But my daughter is stubborn and keeps putting it up and changing it too !
Bala, I put up the MAs when is becomes relevant to take cognicance of. Trendlines help define immediate support / resistance.
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