Nifty has moved in the range taking resistance from 4121 and support from 4055 levels nicely yesterday. 4121 was previous support now became resistance due to law of polarity. It opened a Gap at 4138 levels which may form like another resistance.On intraday basics spread of red bars are bigger in comparison also the volumes are big, demonstrating that the supply has overtaken demand. But 4055 is the big support(Gap support) and for yesterday it was hold nicely. One can expect some pull back from here. Below is the Intraday chart:
On the higher side Nifty is still taking resistance from 4121 levels, above which it can move up to 4138. If the gap resistance is broken to up side 4160 will become intermediate resistance, if Nifty breaks that level then it may close the Gap.
On the lower side 4055 is still acting like support. Nifty is clearly showing bearishness as supply has overtaken the demand. If that gap support is taken out then demand may diminish, which may push Nifty to lower levels with less effort. Below is the Hourly chart of Nifty Futures:
0 comments:
Post a Comment