RELIANCE INDUSTRIES analysis

• First chart shows price converging between support and resistance lines which will lead to a breakout today.
• Stock is resting on its 50 DMA, So after the breakout stock will move away from its 50 DMA. Take a trade based on it, one should also keep in mind the supports and resistances for the stock which is at 993 and 200 DMA.
• INTRADAY LIVE CHART RELIANCE INDUSTRIES

Bank Nifty analysis

• Bank nifty is showing a range of 12068 one the down side to 12363 on the upside.
• We will get range bound moves till the index trades within this range.
• If bank nifty closes below the 5 day low ema then price may test the low end of the range at 12068

SPY Hour chart looks weak

• SPY hour chart looks negative. 
• SPY has violated the support line in hour chart.
• Hour closing below 114 will be negative for the bulls

S&P 500 Below 50 Hour Moving average

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• S&P 500 Futures is trading below its 50 Hour moving average
• Index is moving towards the support line of the triangle formation.
• Support for the index may come in-between 50% - 61.8% Fib levels.
• Failing to take support at the support line of the triangle and breaking 61.8% Fib level will be negative for the bulls.

S&P 500 Near Resistance Level

• S&P 500 is approaching its main resistance of 1150.
• A good volume breakout will help continue the previous trend in daily chart.
• If gets resisted here it will be negative for the index. This is third attempt to breakout above 1150 so getting resisted here will lead to good correction.

S&P 500 futures before opening bell

• S&P 500 Futures 4 hour chart is showing a triangle pattern with price trading near the resistance line of the pattern.
• From yesterday the index is not able to sustain above 1143 levels. although the bulls tried to close above 1143 it was met with stiff resistance at this level.
• Only a high volume breakout above 1143 level can take it to 1150 where it will meet the next resistance. 

Nifty Futures : Bearish Engulfing

• NF daily candle is showing a bearish engulfing.
• If price opens and starts to trade below this candle it can give good correction.
• NF also closed below 6000.