NIFTY Analysis

• First chart shows nifty near resistance level with 5 day high ema. When it approaches the resistance level and closes below 5 day high ema it often gives an easy short trade.
• Next chart shows last few days price action happening above 50 day SMA. So major down move will happen only if this level is taken out. One can also add 20 SMA to this list.
• Bulls in weekly chart are battling against the descending triangle support line and if they manage to move above 5170 then 20 Week SMA will act as resistance.
• 50 Day SMA at 5005
• 20 Day SMA at 4975
• 20 Week SMA at 5216