Nifty Intraday Chart - 5 mins:Yesterday Nifty consolidated in a narrow range. Initially it took support from the trend line, gave a good breakdown with confirming volumes. Nifty formed a bullish Wolfe Wave after breaking the trend line. Market reversed to reach the wedge or wolfe wave target. Supply was more it could not break the resistance of 4500 levels and reversed the trend in intraday.
Nifty Chart - Hourly:Yesterday Nifty took resistance from the Gap resistance of 4500, now this level may act as good resistance in near future.
On the higher side
4500 - 4516 may act as good resistance, above which nifty may reach up to
4560 levels.
On the lower side Nifty opened a gap yesterday at
4448 levels which may act as initial support.
4423 may act as intermediate support but it has many chances to move up to
4400 levels.
4 comments:
Doji, can you advise Nifty at close today?
your views please!
Thanks
hi kevin,
Nifty took support from 61.8% retracement from the previous up move. Also it formed a bullish flag and pole since morning and reached the target just now at 4485 level. Expecting 4562 in this up move.
- Doji
one need to be cautious at the resistance levels of 4500 - 4516 levels.
Thanks a ton for your reply, Doji!
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