January 4, 2016

Nifty chart update

  • Nifty is getting resisted at the recent swing high of 7972 level. Last chart shows a possible inverted heads and shoulders pattern. Price need to stay above 7700 levels for this possibility to remain strong. retest of recent lows are possible if  7700 levels are not held. Speed of the current fall may also be a concern for bulls. Intraday needs to stay above 200 Hour SMA shown around 7810 levels for a possible reversal to happen.
  • nifty support and resistance levels

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