Nifty Technical Analysis For 23nd Jul 09

Nifty Chart - Daily:

Nifty chart made an outside red bar in daily time frame with big volumes, indicating the bearishness in immediate term. As last Monday's low of 4440 was broken decisively bulls may weaken temporarily.

Nifty Chart - 5 mins:

From 20th July onwards Nifty is forming an Expanding Triangle, but volumes are not clearly Expanding. For tomorrow Nifty may take support from the support of the Expanding Triangle which is at 4370 levels, and this value changes with time as slope is high. One may expect partial pullback form the Expanding Triangle support line.

Nifty Chart - Hourly:

Nifty formed a shooting star in the hourly chart and started falling down with big volumes and the fall was very steep. Retracement with low volumes is good but today, the fall was with high volumes indicating the index weakness.

On the higher side 4450-4470 levels may give initial resistance, above which 4520 may become next major resistance. If Nifty crosses 4520 levels, it may gain momentum and start moving up.

On the lower side 4370-4360 may give good support for today. Below which bulls may become weak. Next support comes at 4310 levels (marked with yellow line) and the trend line from joined from the highs of 12th June and 6th July may act as next support. As both the support line are falling in the same zone which may give good support in future.