October 21, 2011
- Price for now is hanging on above the support line. For this hour the level to break for bears is 5050. If it does not breakdown today and close at a neutral level then Both Bullish and Bearish possibilities exists.
- This weekend is important as the European leaders are going to meet, So we never know what's going to come out of there
- Possible diamond pattern in nifty hourly charts.
- This pattern will be valid or it will look good if the last hour high is not taken out. Pattern will play out well if price starts to move down towards the support line.
- So let's wait and see how this unfolds.
- Price in daily chart is moving up towards the resistance line.
- In the recent past this line has acted as strong resistance.
- Now price is also approaching 50 Day SMA.
- So a breakout here may extend the current up move. Look for a daily close above 50 SMA for confirming real buying strength.
- Getting resisted here will result in another fall.
- Resistance line is around 1960
- 50 SMA @ 1966