December 29, 2016
- Hourly price structure looks bullish and will stay bullish only till price stay above 8021 levels. Moment price breaks below 8021 Bulls become weak with a chance to retest the recent lows again.
- Break above 8100 and 200 Hour SMA will strengthen bulls further.
- 15 Minutes is also stuck between 8021 and 8100
- Daily chart shows 20 Day SMA as immediate resistance. If Bulls able to close above 20 then 8274 and the falling resistance line shown in chart 1 will act as resistance BUT The bounce is already loosing momentum. Bulls need a close above 8100 to extend this bounce further. More weakness if Price starts to trade below 8000 levels.
- NIFTY support levels