NIFTY WEEKLY CHART
- Nifty daily shows price at oversold levels and testing previous support resistance levels. So a bounce may Happen from 200 Day SMA. But weekly chart looks overbought and closed below 5 Week High EMA. If the bounce does not takeout 5 Week High EMA we may get a selling opportunity at higher levels.
- S&P 500 EOD ANALYSIS
Dear San, Thanks for chart illustration.
ReplyDeleteThe worried part of the rally,if there shall be any then it is nothing but NF O.I. above 2.50Cr + fresh addition in 5300 CE.
As Nifty is oversold on short term charts,it may take a pause here,but it looks tough at present when FII have turned sellers in FNO and Cash Market.
The previous experience tells,when DII turns net buyer,Market used to react negatively up to certain XYZ level.Still the chances of 5090 can not be ignore is feeling.Let us see.
@mynac
ReplyDeleteThanks for your analysis mynac. I too feel the upside is capped as long as price stays below 5 Week high EMA.