Half Hourly Chart
Yesterday I wrote " A doji was formed at the 200dema support. This could prove bullish if tomorrow's candle is positive and closes above today' close not making a new low.Doji's indicate indecision and normally signal that the current trend may be reversing.
This view is supported by positive divergences on half hourly charts.The fact that today's opening high was crossed intraday but the lows not even visited, gives some credence to this view.Holding the 200 dema is another positive".
The Nifty made a bullish candle with a gap up and held well all day to close up by 70 points. The bounce of 200dema is bullish. However the hurdle of crossing the downtrendline, which has been easier to draw on half hourly charts, at 5730-5690 is necessary to confirm short term bullishness. A close above 5750 is the another important criteria.The minor high at 5874 is the next hurdle.
Supports at 5705-5672-5637-5624.
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