Doji at 5439, crucial resistance of the 50% fibo level of fall from 6338. A 50% retracement implies indecision.Therefore if the high made on Friday at 5427 is not scaled we may safely assume that another leg down may have started.
Weekly Chart II
The crucial resistance at the pink neckline is at 5456 where a doji has been formed showing hesitation in continuing with the uptrend.
Weekly Chart III
The stochastics has reached an extreme overbought position.With the Rsi14, which measures the speed and change of price movements showing strength above the 50 level the Nifty may go into a sideways correction.
Weekly Chart IV
However the downtrend may resume as has happened on the appearance of a doji on weekly charts as shown in the chart above.Watch for a lower top candle being made.
A sideways correction is on since last week with a rising wedge formation.Only a fall below 5319 will bring in a good correction.
Half Hourly Chart
Till the 5076 level is broken the uptrend is safely on.Levels marked will help decide your stop profit /stop loss level.
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