February 7, 2017

NIFTY Month Week and 15 Minutes charts

  • Nifty weekly chart shows price moving towards the resistance lines. It is also showing a contraction pattern which could keep nifty negative to sideways before a big move could come. 
  • Nifty Month chart shows similar bullish pattern being formed. Price is near the resistance level of the pattern. One has to wait and seen if price gets resisted one more time for another Dip before the larger trend can continue.
  • For the day the crucial support level is shown in 15 Minutes time frame. The trend of smaller time frame will be intact as price continues to form HH and HL. 
  • Weakness only on closing below 8770 levels.

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