NIFTY AT CRUCIAL SUPPORT

NIFTY DAILY

The daily chart of NIFTY given above is self explanatory.

The current up move in NIFTY from june 12, taken support every time it closed below 50sma & 50 ema.

See it has taken support at the trend line shown in green colour thrice july, sept & nov 12. Now once again nifty is near this trend line, so it may take support in the region of 5875- 5950.

If it closes below this green trend line for 2-3 days  it may correct up to 5800-5825 which coincides with 100 sma and previous resistance shown in red colour.

So looks like this is buying opportunity. To be on the safer side buy when it gives close above 50 EMA which is right now 5960, with the low formed will be as stop loss.