May 21, 2013

NIFTY Engulfing, Divergence and Support levels

  • Nifty daily chart managed to form  a bearish engulfing pattern. Price closed below 5 day High EMA and for bears there is also a negative divergence between price and RSI. 
  • For bulls though the up trend is still intact and the current price action is happening above crucial support levels. Supports shown in chart 2 are crucial for bears to make price week should close below 6000 levels. Sustaining above these levels will favor bulls to extend the rally.


1 comment:

  1. Markets Quantified
    NIFTY 21-May-2013
    Current Market Situation :

    NIFTY current close : 6114
    NIFTY resistance level : 6158
    NIFTY support level : 5912
    NIFTY sentiment : positive
    NIFTY dominant cycle period : 12 days


    Levels Tomorrow :

    NIFTY intraday resistance 1 : 6140
    NIFTY intraday resistance 2 : 6169
    NIFTY intraday resistance 3 : 6212

    NIFTY intraday support 1 : 6088
    NIFTY intraday support 2 : 6059
    NIFTY intraday support 3 : 6016
    Markets Quantified

    ReplyDelete