September 29, 2016

Nifty Chart analysis

  • Nifty is testing the support line of the broadening pattern. Last time price failed to close below this line and a big up move followed towards 8900 levels. 
  • Month chart looks like its going to give its 1st bearish candle after 6 Bullish ones in a row. Provided there is no made reversal in the remaining day of the Month.
  • Weekly chart is falling from the bearish PIN BAR. Next crucial level for bears to break is the zone between 8515 and 5545. This is a possible support zone in weekly chart. If this is not held then nifty could fall below 8300 levels.