May 10, 2013

NIFTY Chart analysis

  • 5 Month High EMA at 6000 is the crucial level. This is also a crucial round number So a weekly or monthly close below this level will hint weakness. Price sustaining above this level on closing basis will lead to a breakout above 6111.
  • Weekly chart also shows price trading well above 5 Week High EMA which is at 5952. Weekly MACD is about to give a bullish cross which may help bulls further to extend the up move.
  • Daily chart shows a bearish engulfing pattern which may give a small correction.

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