Nifty Futures Intraday update

• Nifty Futures important levels to cross are 5904 for bulls and 5859 for bears.
• NF has been trading in a narrow range from morning since it is expiry day we may see some wild moves in the afternoon trade with caution.

Lic Housing Finance Chart analysis

• LIC Housing Finance Ltd broke down from a descending Triangle pattern.
• Stock came down more than 200 points. The fall was stopped at the 200 DMA yesterday, But the momentum and the News Flow may take it down Further.
• It's interesting to note how a stock forms a bearish pattern before such news comes out.

Nifty daily analysis

• Nifty spot is close to an important support and resistance line and will give good direction soon. If it beaks down 5750 is a good support area.
• 20 and 50 day moving average is about to give a bearish cross. If it happens it will be negative for sometime.
• Market moving above 6020 can reduce the bearishness.

Dow Jones analysis after closing bell

• Dow Jones could not hit the 50% retrace level today despite the bullish move. This is the third such attempt in as many day's .
• Same should be said about the 20 DAY MOVING AVERAGE. Dow jones comes close to the moving average but not able to close above the moving average.
• If these levels are not take out quickly we may see another sell off to the lower end of the trading range.
• SPY WITH A DESCENDING BROADENING WEDGE
  
  

SPY Chart with resistance level

• SPY is trading near the resistance level of 120.39
• An up move will be possible on a breakout above 120.39.
• Today's morning GAP is yet to be filled. So unless SPY decides to breakout above 120.39 Chances of a correction from here is very likely.