January 31, 2011

Nifty Futures 5 minutes chart

  • Nifty futures has filled the morning gap
  • Now there is a broadening pattern developing in 5 minutes chart.
  • The resistance line of the broadening pattern has to be broken for further upside move to happen

1 comment:

  1. It was a volatile day for the Dalal Street. The equity market moved and remained in the range of 5550-5530 due to the lack of cues but short coverings helped nifty futures to pare losses in the half an hour of trade and end moderately lower. Nifty Futures closed at 5524.40, down 6 points or 0.22 %. Nifty is looking bearish in the coming trading session if it manages to trade and consolidate below the support level of 5350 else above 5625 it would be bullish in trend. One can adopt the strategy of selling at higher levels. The market is trading in the oversold zone so technically a pull back is expected up to 5625 levels. However the trend is week and every rally should be used to cut long position.

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