Yesterday Nifty could not break 4510 levels decisively, it broke down from the resistance levels with increased volumes. Nifty swung in a narrow range, most of the day it spent in consolidating. Also it was very clear that the up move was not so clear, it didn't give any hint of strength for bullishness. But it bounced from the lower levels because of lack of supply.
Nifty Chart - Daily:
Yesterday Nifty formed an inside bar, so yesterday's high of 4510 and low of 4398 are crucial now.
Nifty Chart - Hourly:
On the higher side yesterdays's high of 4510 may act as good resistance, before that 4476 may act as minor resistance. If Nifty breaks 4510 levels decisively the we may see some up move. Next resistance is at 4530 levels.
On the lower side it formed some supports, a gap at 4396 levels which may give support and 8th Aug low of 4388 may act as next support. The yellow line which acted as support/resistance may act as good support which is at 4375. Below that it may become weak and the next support comes at 4290 levels.
6 comments:
Doji,
Your charts and analysis are just superb. I am an avid follower. Thanks a lot.
Beethoven
Thank you Beethoven.
-Doji
Hi doji good evening,
I want to ask you that where can I see option intraday charts becoz amibroket doesnt have the same,I am using Rk Global account for trading can we take real time data from ODIN.plz guide me.
Viju, try data service from http://www.truedataindia.com/, I think they have the software to import data from ODIN. I never used it, not sure how it works though.
Doji
Hi viju..in odin do click on the stock name (or index name or option name ) then right click or press ctrl+ I , to start the intrday chart service..the only caveat is that the chart drawiing will start from the time u load the chart.for historical chart press ctrl +H.
Also u may try a thread on traderji.com, u might find something that takes data from odin and puts it in amibroker :)
thanx for reply dear Doji & Kurichh.
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