A Bearish engulfing candle engulfing candles of the last three months. More fall to continue.
Daily Chart II
Today's candle stalled the bears but did not enthuse the bulls . The rise seems to be technical with the stochastics showing positive divergence.Bulls are still skeptical and will need more evidence to step in.This is more clear in the half hourly charts which show Friday's last hour bull attempt high of 5527 could not be crossed. Trade above this level could take the Nifty up by a 100 points.
Half Hourly Chart
Positive divergences seen on half hourly Macd and Rsi 14 too. Expect some pullback which should be sold into
Resistance at 5527-5562-5600-5655. Support at 5416-5349
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