Yesturday was another sideways day, Nifty Swung in a narrow range breaking highs and lows forming an expanding triangle in intrday basis. On daily charts it formed an inside bar (Harami). Yesterday's high and low levels are important for deciding the trend today.
Nifty Intraday Chart - 5 mins:
Nifty Formed an Expanding Triangle in price pattern, volumes are not expanding though. It initially took support from the Ascending Triangle resistance line and moved up to touch the Expanding Triangle resistance line. But while coming down it formed 2 channels one is upward and one is downward moving channel as plotted in the above chart. It broke the Channels with moderate volumes but finally reached the support line of the Expanding Triangle.
Nifty Chart - Hourly:
On 3rd Aug Nifty broke above the trading range but with very low volumes, also it formed an Ascending triangle in intraday basis target for which is 4760 levels.
On the higher side, if yesterdays high of 4715 is broken then it may go up to the 4760 levels. The Expanding triangle resistance may give initial resistance which may fall in the same 4760 levels at present. If the resistance line of the expanding triangle is broken the Nifty may move up for the target of the height of the triangle.
On the lower side If Nifty breaks yesterdays low of 4637, then it may go down to 4615 - 4610 levels. Below which bulls may weaken for some time leading Nifty to move down to 4530 levels.
0 comments:
Post a Comment