NIFTY Weekend update
- Last chart is month time frame with 5 Week High EMA and channel. Nifty closed the month again below 5 Week High EMA suggesting lack of upward momentum in the bigger time frame. Dip in price was saved by the channel resistance line which turned support. Price may attempt to stay above the 5 Week High EMA again, But for bigger momentum price has to stay above this months High price which is 5499.
- Nifty weekly chart shown with 50 Week SMA. In yesterday's post we discussed the possibility of price closing above 50 week SMA. Nifty closed above it and in the process gave a bullish looking candlestick as well.
- Daily charts shows price moving into a resistance zone in the form of 20 and 50 Day SMA and the falling resistance line. MACD and Stochastic are lining up well Nifty bulls has to sustain above the resistance line for a bigger up move.
- For bears the gains seems to be limited as long as price stays above the 200 Day SMA
Dear San,
ReplyDeleteWhat a fantastic chart illustration!Truly impartial and to the point... really nice. Appreciate it...Thanks a lot....
Sir, It will be good, if you can mention the actual nifty reading at the levels, i.e 50WEEK SMA / 5 DAY HMA / 20DAY SMA / 50DAY SMA ETC. Alternate, where can we get these ? Thanks.
ReplyDeleteThanks Mynac
ReplyDelete@SN
ReplyDeleteI will try to add an excel or something which will force me to update the values on a daily basis.
Thanks
@SN
ReplyDeleteanother source were you can find all the info is the just nifty tech table of Ilango Sir.
click here for just nifty tech table