CHART-II
- Price took support near 50 Hour SMA. For bulls closing above 200 Hour SMA will extend the up move into next week. closing below it will keep price range bound.
CHART-I
- Nifty sustaining below 50 Hour SMA will favor bears. Bulls has to protect day low and take price above 50 hour SMA to avoid a bigger correction.
- Break of the Range discussed in an earlier post has given a downside breakout and a short trade.
- More falls if day low is broken again.
- Price may target the gap between 4643 - 4676 if day low gets broken.
- For up moves 4725 - 4730 level which was broken may act as resistance. Bigger pull back can be seen if this level is taken out by bulls.
Great charts, I feel below the 50 hour ema we should fall hard. Banknifty already favoring the downside.
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Beautiful analysis San
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