CHART-II
- NF gave good up move when it crossed resistance of 6284 and 6300.
- Further up move will be possible only if nf stays above 6325
CHART-I
- Nifty Futures 5 minutes chart with resistance levels.
- The broken support level of 6284 should act as an intraday resistance.
- Only an hourly close above 6300 can give strength for the bulls.
- This area between 6284 - 6300 may act as intraday resistance zone.
- 6310 Broken and the GAP is completely FADED as discussed in the below chart
CHART-II
- Today nifty futures opened with a GAP.
- The GAP is partially faded.
- Break of 6310 will be negative and may fill the gap completely.
- Reliance communication in a triangle formation.
- Stock is trading above its 200 DMA.
- If stock gives an upside breakout it may move away from 200 DMA which will be bullish for the stock.
- A Breakdown of the support level will be negative and a retest of the 200 DMA may happen
- If nifty remains above 5 day high ema than we may not see the correction.
- Nifty has closed above 5 day high ema, If it starts to trade below it than we may see some weakness.
- Nifty has closed below 6284 which was mentioned yesterday. Bulls will try to scale above 6284 again if they are not successful we may see correction and spot may test 6250.
- DOW JONES ANALYSIS AFTER CLOSING BELL
DAILY CHART
30 MINUTES CHART
- Another negative day for the dow jones industrial average after the big breakout of last week.
- Today's correction took support at a trend line which was acting as a resistance before.
- Dow after the intraday movement came back to close near 50% Fibonacci level.
- 20 DMA has given good support for the index throughout this up trend.
- RUT is trading in a channel in 15 minutes chart.
- Channel is a descending one. right now the index is moving up and if stays above 731 RUT may move towards the top of the channel where it may hit resistance again.
- Things will turn bullish again above 734.
- Break below 729 will favour bears. 731 is also an important level as shown in the second chart.
- Dow Jones is finding it tough to cross the 50% Fib level of the recent high and today's low.
- Intraday weakness can be seen below 38.2%
- Breakout above 61.8% will lead continuation of the up trend.
