Nifty Futures intraday update

• The breakout candle is showing good momentum.
• Now real strength will be visible only if it manages to clear the recent high.
• Break and closing the day above the recent high will be positive.
• MCLEOD RUSSEL CHART ANALYSIS
  

MCLEOD RUSSEL INDIA LTD Chart analysis

• MCLEOD RUSSEL is forming a bullish engulfing pattern in weekly chart which will be confirmed with today's closing price.
• Stock has taken support at its 78.6% Retrace of its fall from 311 to 165.
• Resistance level is at 220 which is the 61.8% Fib level of the same fall mentioned above. Closing above 220 can lift the stock to 238 levels.
• Getting resisted at 220 will be negative.

Nifty Daily Analysis

• The range of nifty getting narrow as shown in the weekly chart. 
• This consolidation should give direction today or next week. As price is close to the apex of the pattern it will give good direction soon.
• Nifty tried to breakdown below the support line but came back to close within the range.
• INTRADAY PATTERNS AT WORK (DESCENDING TRIANGLE OF S&P 500)
  
  
  
  

S&P 500 Descending Triangle

CHART-II

• Descending triangle has given a breakdown.

CHART-I

• SPX 5 Minutes chart with a descending triangle pattern.