Stiff Resistance Ahead

Weekly Chart

50% fibo level of fall from 12430 to 7511  @9971

Horizontal line joining previous lows @ 9952

High made on the upmove from 7511 @ 9889

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Lakshmi Ramachandran

Short Term Upward Momentum Intact

Daily Chart 

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Lakshmi Ramachandran

Nifty Breaks Out

Daily Chart 

Nifty broke out of the trendlines with a bullish candle. This is reassuring to bulls and we may turn mildly short term bullish for targets of 9584-9889. A close below 9000 will negate this view.

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Lakshmi Ramachandran 

Nifty at an Important Crossroad

Daily Chart 

A break above 9255-9300 area will be a bullish move having crossed the falling channel as well as the long term trend line.However crossing of the previous high made at 9584 should be awaited for confirmation of bullishness.

A failure to breakout from the trendiness will see the down move continue.

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Lakshmi Ramachandran

Downtrend In Nifty Resumes

Daily Chart

The Nifty formed a bearish Rising Wedge in the bounce after the crash.A confirmation of the downtrend resuming is evident from a Lower high and Lower Low being formed after breaking down from the Rising Wedge.

The Rising Wedge  has a technical target of 7155.

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 Happy Trading !!



Lakshmi Ramachandran