The fastfall has had its effect pushing nifty to 5635. An EOD close below the Day LEMA - developing 5650 - then More falls in on cards. A Close below 20 DMA - would give a pause to the Bulls. Shorts SL at 5680 - just above 20 DMA.
Analysis for OCT 16
Nifty resisted from Day HEMA travelled down upto Day LEMA. Breakdown of contracting triangle below 5650-40. Breakout of Contracting triangle above 5720. The Trading range would continue till the range is resolved.
In Hour charts the MA's are alligned bearishly, with a fast fall set up between 20, 50 and 100 MA.
In day charts the channel drawn yesterday has been redrawn.
SYNOPSIS:
Trading range between 5720-5640.
1 comment:
GOOD AFTERNOON SISTER
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