Nifty close 10096.4 : Nifty after taking support from 200 Hour moving average in the very first hour (presently at approx. 9981.7), it moved gradually higher in today’s session. As mentioned in yesterday’s report, it bounced from the first level of support which was basically a make or break level for Nifty.
In the Hourly chart, Nifty took support from the 200 Hour moving average and saw a strong bounce back signalling the control of the bulls. The probable support in the hourly chart comes at 5 Hour moving average (presently at approx. 10061), 8 Hour moving average (presently at approx. 10043.2) and 34 Hour moving average (presently at approx. 10016).
On the upside, Nifty may face resistance at all time high of 10180.
Stochastic and CCI are in the overbought zone while RSI is very close to the upper bound of the normal zone. ADX have turned up indicating gain of momentum. Overall Nifty remains bullish in the Hourly chart.
Figure: Nifty Hourly Chart
Similarly in the daily chart, Nifty took support from 20 DMA (presently at approx. 9973.4) and closed almost at today’s high. Moreover, Nifty has closed above 5 Day High EMA (presently at approx. 10045.2) and also above most moving average which is a positive sign in the daily chart.
The probable support in the daily chart comes at 5 Day High EMA (presently at approx. 10045.2), 5 DMA (presently at approx.10013.3) and 20 DMA (presently at approx.9973.4).
On the upside, Nifty may face resistance at upper Bollinger line (presently at approx.10231.1).
Daily CCI, RSI and Stochastic are very close to their respective upper bound. Overall Nifty remains bullish to neutral in the Daily chart.
You can also view the Original Report here.
Elearnmarkets wants to inform you that this post/video is solely for educational purpose. We are not advising any trading or investment ideas. We want to add that the data/indicator/signals contained in this website/post/video are not necessarily real-time nor accurate. All CFDs/traded instruments (stocks, indexes, futures, commodities) and Forex prices are not provided by exchanges but rather by web based charting platforms, and so prices/indicators may not be accurate and may differ from the actual market prices, meaning prices are indicative and not appropriate for trading or investing purposes. Therefore, Elearnmarkets doesn`t bear any responsibility for any trading losses you might incur as a result of using this data/ indicators/charting platform. This analysis is purely based on the technical observations and not meant for investing with real money. Elearnmarkets does not have any position in the market. One can create position in market at his/her own risk.
Elearnmarkets or anyone involved with Elearnmarkets will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals/discussions contained within this website/post. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Add a Comment