July 22, 2011

NIFTY Intraday Update

CHART-II
  • Nifty has violated the resistance line but has a cluster of resistance from 5640 - 5655 level.
  • We have to see how price behaves from that level if nifty is able to reach there
  • Nifty has to close the day near day high for sustaining the upward momentum.
CHART-I
  • Nifty 30 Minutes chart with a possible resistance line
  • The upward momentum will stay intact only if price is able to break and stay above the resistance line.
  • Getting resisted here may result in a fall.

6 comments:

  1. Dear San,

    watch trend line connecting 5944 and 5740 which may be around 5700-5710.

    Pankaj Shah

    ReplyDelete
  2. @PANKAJ SHAH
    That may be possible if day closes above 5653 levels.

    ReplyDelete
  3. @keshav
    It has closed above the line but price has multiple resistances i have updated the chart.

    ReplyDelete
  4. LET'S NOW FACE 5645 - 5653 AREA

    ReplyDelete
  5. @PANKAJ SHAH
    Dear San,
    as expected resistance came exactly in range of 5700/5710 . today top 5702 and sell off with rbi policy.

    Pankaj Shah

    ReplyDelete