September 24, 2017

NIFTY Month Week and daily charts

  • Month Chart is pausing near a possible resistance line.
  • Weekly chart is showing slight bearishness with an engulfing pattern, This pattern needs follow up price action to confirm bearishness.
  • The levels for bears to conquer are 50 Day SMA in daily time frame, In Week its around 9780 for next week. Week closing below this level will tilt the balance in favour of bears. In month its 9600. But for now bulls need to defend 50 Day SMA. If price stays above this  moving average then the bearish view will be negated for now.