The downtrendline from 6339 proved stiff resistance once again with the Nifty brushing against it briefly once again.The weekly oscillators are showing strength with the Macd giving a buy and moving above the zero line and the Rsi 14 is making higher highs and lows above the 50 line. The stochastics however has moved into overbought region above the 80 mark and turned down giving a sell with it's signal line. This alerts that there is losing momentum and one should be aware for any price reversal. A higher low and higher high candle would be required to change the negative bias of the last two weeks.
A doji after a strong attempt to break on the upside from the megaphone pattern.Oscillators are above their mid line showing the move is regaining strength.A higher low of 5693 has been made and will be confirmed if the top of 5944 is taken out. Till then trade will be tricky.The newly drawn upward sloping channel suggests more upside till it's support line holds around 5760.
Half hourly Chart
The forming of a pennant indicates the upmove may continue.
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