Daily Chart
Daily Chart II
Half Hourly Chart
The Inside Day pattern mentioned yetserday broke on the downside
indicating the short term is down.The breakout from the resistance line
of the rising wedge proved to be a false breakout with the Nifty
breaking below it.The possibility of testing the support line of the
rising wedge on daily charts is now possible.
Negative divergence on the Rsi14 & Macd and the stochastics having
given a sell and moved below the 80 levels supports a fall.
Support at 5839 has still not been breached keeping the hopes of bulls
alive.Break will find support at 5815-5805-5777 as marked on the
charts.The continuation falling wedge on half hourly charts indicates
this fall maybe a consolidation and the Nifty may ultimately breakout on
the upside to resume the uptrend.Only a break below the support line of
the rising wedge on daily charts at 5682 will bring the rally from
4770 under threat.Resistance levels intraday are at 5880-5854.Support is
at 5843-5833.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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