My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
May 14, 2013
NIFTY Chart update
- Immediate support levels for nifty is the 23.6% Fib level and 100 Hour SMA shown in chart 2.
- If this fall extends then the target zone could be the 38.2% Fib level and 100 Day SMA area. Another support is possible at 20 Week SMA at 5870.
- RELIANCE INDUSTRIES CHART ANALYSIS
Reliance Industries Chart analysis
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEeYTHVS0USuKnA8psvxMC4_YX945ZDPAhDzuVVgCr3h8ykkAR6Q3Cd1GyWzaHgAvWNHRCJR5Qj3zojHzE84axfu5nevA9ykLBNO4hcKgXrTmSJ6rJ_0V0sK-QdA-O41tYB06cpBMcV4US/s640/RELIANCE+TWO+HOUR+CHART.png)
- Reliance industries getting resisted at 38.2% Fib level shown in daily time frame.
- Second chart shows a Bearish Death cross in daily chart. with 50 SMA falling below 200 Day SMA. Price has also closed below 50 and 200 Day SMA.
- Now hope for bulls is the support line shown in 2 hour chart which needs to be held to avoid a bigger fall.
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