Daily Line Chart
Daily Candle Chart
Nifty defies gravity and traders are suffering from vertigo especially those trading short. The upmove continues relentlessly. Breadth was 1:1 which is not very encouraging as the upmove did not see a whole hearted participation.Volumes were in line with that of the past few days --just average. Oscillators are slowly shrugging off the negative divergence and reaching overbought zone.
Line charts show the targets which translates to 5954 and 6247 on candle charts and which have been mentioned in my earlier posts.
Resistances are now at 5786-5872 being the fibonacci levels shown on the candle chart. Support is at 5670.
Happy Trading !!