Wednesday, 17 December 2014

Nifty Update

Nifty Charts :

Daily Chart :

Nifty formed doji candlestick on daily chart. Doji near channel support shows indecision. Tonight we have FED metting , expecting a wild action in Nifty tomorrow. 

Hourly Chart :

Two channels (Red and Blue) which i am following are marked in chart above. Slope of channel just got stepper , suggesting impatient bears. 

Blue channel resistance : 8056
Red  channel resistance : 8096
21HEMA                       : 8122
34HEMA                       : 8180
5DLEMA                       : 8115

From the above set of numbers we can conclude that Nifty needs a move above 8096-8122 for pause in fall. Untill then Nifty remains firmly in bear grip :). 

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Happy Trading. 

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