We have seen a very volatile trading session yesterday. Nifty after opening made a low of 4418. Sensex made a low of 14714. In the last few hours Indices rallied to trade in the positive zone for sometime and closed below marginally in the negative zone. Nifty and Sensex closed at 4468/14900 respectively.
In the chart there we can clearly see that the Nifty closed above the Trendline line ( point no.1). Nifty on 9th Sep faced resistance at the 100 DMA (point 2.) and closed at 4482, before making a high of 4558. Point 3 indicates where the RSI normally finds the resitance. On 2nd Sep, even though there was a great rally in the Indian market, RSI could not close above the point3. Point 4 indicates the resistance level of the RSI. Point5 indicates the MACD has just crossed over and its a Bullish sign, till the time it is closing below.
There are 2 major levels to be seen, at the higher level, Nifty should close above 4550 and at the lower levels it should not close below 4200, for the Bullish Signal to remain in touch. Nifty below 4200 will make a head and shouled pattern. To break this pattern the Nifty should close above 4550 levels.
US markets are trading at - 2% lower. Crude trading near 104$ per barrel, gold near 800$.
No comments:
Post a Comment