On short term time frame nifty has broken important support line as shown in following hourly chart
So short term trend turned negative (downtrend), but as shown in above chart nifty is oversold so bounce may be possible.
But what daily and weekly charts are indicating?
Daily it is closed above 200 sma and important support line as shown in chart below, will this 200 sma give support once again?
5750 is acting as important daily support on closing basis, see below
Below chart shows that 5690- 5700 acting as important support
Above trend line which is acting as tough resistance is shown in above chart
IN SHORT 5690-5700/ 5750 IS IMPORTANT LEVEL TO WATCH IF THIS HELD NIFTY WILL RALLY. BUT ONCE IT IS BROKEN IT WILL BE BEARISH AND PRICE MAY LIKELY HEAD TOWARDS 5500.
ONCE THE TREND LINE ACTING AS RESISTANCE IS BROKEN POSSIBILITY OF NEWER LIFE TIME HIGH WILL INCREASE.
So short term trend turned negative (downtrend), but as shown in above chart nifty is oversold so bounce may be possible.
But what daily and weekly charts are indicating?
Daily it is closed above 200 sma and important support line as shown in chart below, will this 200 sma give support once again?
5750 is acting as important daily support on closing basis, see below
Below chart shows that 5690- 5700 acting as important support
IN SHORT 5690-5700/ 5750 IS IMPORTANT LEVEL TO WATCH IF THIS HELD NIFTY WILL RALLY. BUT ONCE IT IS BROKEN IT WILL BE BEARISH AND PRICE MAY LIKELY HEAD TOWARDS 5500.
ONCE THE TREND LINE ACTING AS RESISTANCE IS BROKEN POSSIBILITY OF NEWER LIFE TIME HIGH WILL INCREASE.
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