November 23, 2016

NIFTY Chart analysis

  • Crucial support for the Bullish trend in weekly chart are shown in chart 1 and 2. Price near 50% Retrace level. Golden ratio at 7640 and the Weekly cloud combined is a big support zone for bulls to hold above.
  • Nifty looks like its trying to form a range below 200 SMA. This could wait for 50 Day SMA to move towards the price and then further breakdown can happen. Or since price has moved far away from 50 SMA a bounce towards 50 SMA is also possible. In any case for bears to extend current gains they have to move away from 200 SMA. 

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