April 5, 2017

  • NIFTY Weekly chart shown with possible resistance line. For this week and the next this line is around 9350 - 9400 levels.
  • The divergence chart shows Triple negative divergence for the previous top. There is divergence now also, Not as prominent as the previous one. The fact that price is making all time highs is also against bears. Hope for bears only if price falls back below 8900 - 9000 zone, Probability of happening this in the short term is low.
  • If divergence is negated nifty is likely to target 9300 - 350 and 400 levels in the short term.
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  • Weekly up trend line helped bulls with a Bounce.
  • Daily chart shows resistance zone near 51.50 levels. Close above this zone may take price towards 54 - 55 levels in the coming weeks.  Weakness may resume if unable to stay above 51.50 levels.
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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore