The immediate resistance zone is 3100 - 3250, clearing which, it may attempt 3500 - 3640 levels. However, we will approach this one day at a time with current trend being up from 2253(800 points so far..).
The 5 minute chart shows series of negative divergences, so tread (trade)carefully in the coming two days. Resistance is clearly shown in the charts and we have just entered into it, hence expect selling pressures to emerge.
Below 2980, we have 2857 (5 week Low ema), 2727 (5 day low ema)..Remember, these emas keep changing as the day progresses with changing prices..
3 comments:
as per ur yesterday's chart nifty closed near 2 3050. good analysis. i am in short.
technically u hv mentioned 2day some positive resistance zone, but practically is it possible? becoz SCO value s nearing 93%? , us election etc., let us c 2morrow
updating your blog early s very much helpful sir
thank u
Hi..Sujatha,
The tech table, and the charts shows we are nearing the overbought area but no sell signal has come yet. Due to the continuous gaps and some negative divergences in the 5 minute chart, higher level selling may emerge.
If you are selling, close them when ever the intraday charting comes to the lower level & try to turn up as we are in daily uptrend as long as we stay above the 5 DEMA. Once close below 5 DEMA, the selling can be faster..Whipsaws may happen even then, So use the intraday charting to finetune your trading..
SCO nearing 93 & the US elections...There is a possibility traders may book out on the news.. Let us watch these coming two days..
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