The monthly candle maintained a higher high higher low for the third month in a row but formed a doji with a long upper shadow which is bearish. Volumes were very low.Breadth was extremely negative. Monthly oscillators continue showing negative divergence. Supports are at 5040 and Resistance at 5440-5520.
Nifty has made a bullish hammer at the important support of 5349 and has once again closed above the pink trendline and the 5400 mark.Daily stochastics and Intra day oscillators are extremely oversold justifying a bounce. Daily Rsi 14 and Macd however continue moving down.
Resistances are at 5425-5440-5449-5472 and Supports are at 5392-5381-5374-5349.
Happy Trading !!