UPDATED CHART
- NIFTY is back in to the channel.
- If 5300 holds there is a possibility of an inverse head and shoulder pattern
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- Nifty futures hourly chart is shown above. The price it seems has broken above the channel but it has to stay there for bullishness to continue.
- The opening candle for today would be very important. If it trades and closes above the channel that would be positive for nifty.
- If it comes back into the channel that would be negative.
- For a safe entry one shall wait for the first One hour to get a clear direction.
- The U.S Markets and the EUR/USD was looking weak overnight. But nifty seems to be looking better than those markets.
Dear San,
ReplyDeleteThanks.Nice chart.Considering overnight and morning global market clues Nifty unlikely to run immediately.Considering the 5200PE and 54 and 5500CE writing this is the range for a trader for coming days.Yesterday's addition of 6lac O.I. in NF is not heartening sign for bulls as the short covering was expected.Up to even 5380 there are lot of resistances.If Nifty wants to cross 5400 in real terms then either it will have to consolidate further in current range or shall have to show at least 5235 ones for convincing up move.The day traders love now a days sell on rise strategy market because even a bad/wrong timely trade does not affect them too much. Let us see.
@mynac
ReplyDeleteGood observation