Monthly Chart
June's candle was a spinning top indicating indecision. The candle's low of 15450 needs to hold to test further targets of 16600.Oscillators are positive for further upmove.
Weekly Chart
Flip flop continues. The 15920 target nearly achieved. Next is 16600 if 15450 held. Negative divergences continue though indicating momentum is lacking thus calling for caution on the upside.
Daily Chart
Friday's candle was a doji around support from red channel indicating the steady downmove for the week may be over and we see another leg up. Rsi14 shows an uptick. Breaking
15450 will see a fall to around 15000.
Hourly Chart
An ascending triangle formation on Hourly charts indicate more chances of an upward breakout.
The Nifty is in a flip flop mode with some indications of the upmove continuing. However, while flip flopping Nifty could lose balance and fall too ! So caution necessary on trades.
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Happy Trading !!
Lakshmi Ramachandran
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