January 6, 2017

NIFTY Line chart and 15 Minutes cloud update

  • Along with 200 Day SMA The 8300 zone has other resistances as shown in Daily line chart. So Bulls need to do a Daily close above 8300 zone to keep this bullish move intact. 
  • The horizontal resistance line and the Falling resistance line makes a confluence of resistance But its not that negative for bulls yet because if a daily close above this confluence happens it could be very bullish. On that contrary Bears are looking for a bearish candle at this resistance zone.
  • 15 Minutes is yet to break below the cloud. First signs of weakness only if price starts to trade below 15 Minutes cloud.
  • Nifty Morning update

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