Nifty Intraday Chart - 15 mins:
Nifty continued to be bearish on Friday lossing 100 points and also closing at the day's low. But importatntly, Nifty closed almost at the support levels of 4460, which was very crucial for bulls. Now the trading range formed from 24th July to 29th July would become good resistance.
Nifty Chart - Hourly:
Nifty formed an Ascending Broadening Wedge, and closed near he support of this Ascending Broadening Wedge on Friday. Taking cues from global markets, I am not expecting a breakdown from this wedge tomorrow, and there may be a partial pull back from this support levels.
On the higher side, 4530 - 4540 levels may give good resistance. Nifty has to stay above this levels to regain the strength. Above which it may go up to 4584 levels. 4610 - 4620 may be next major resistance for the bulls.
On the lower side, if Nifty breaks 4460 level with confirming volumes the it may go up to 4390 levels. Nifty my become weak when it breaks this 4460 levels, if it happens we may see down trend for next few days. Below 4390 levels 4360 is the next support.
Nifty continued to be bearish on Friday lossing 100 points and also closing at the day's low. But importatntly, Nifty closed almost at the support levels of 4460, which was very crucial for bulls. Now the trading range formed from 24th July to 29th July would become good resistance.
Nifty Chart - Hourly:
Nifty formed an Ascending Broadening Wedge, and closed near he support of this Ascending Broadening Wedge on Friday. Taking cues from global markets, I am not expecting a breakdown from this wedge tomorrow, and there may be a partial pull back from this support levels.
On the higher side, 4530 - 4540 levels may give good resistance. Nifty has to stay above this levels to regain the strength. Above which it may go up to 4584 levels. 4610 - 4620 may be next major resistance for the bulls.
On the lower side, if Nifty breaks 4460 level with confirming volumes the it may go up to 4390 levels. Nifty my become weak when it breaks this 4460 levels, if it happens we may see down trend for next few days. Below 4390 levels 4360 is the next support.
