Nifty reached the Weekly Channel resistance and was not able to move past it and closed just near the resistance and below week HEMA. This might put a pause in the uptrend but considering the Weekly candle - it is a MARUBOZU (CLICK HERE) - which is Highly Bullish.
| DAY VALUES | |||
| HIGH | 6183 | 5 EMA | 6109 |
| LOW | 6104 | 5 DMA | 6100 |
| CLOSE | 6176 | 10 DMA | 6101 |
| HI EMA | 6132 | 20 DMA | 6128 |
| LEMA | 6066 | 200 Hr MA | 6151 |
| Week Values | |
| HIGH | 6183 |
| LOW | 6030 |
| CLOSE | 6176 |
| HI EMA | 6198 |
| LEMA | 6007 |
| 5SMA | 6137 |
| 5EMA | 6108 |
Considering the weekly chart,
Opening the week above 6130
and sustaining above the CHANNEL is reqd for upmove
- else it falls back into the channel and
Channel Support is 6070
If 6200 is taken out then
the next resistance would be of the
Broadening triangle @ 6380-6400.
Day Chart:
Channel
support at 6120-30 - Day HEMA, 20 DMA
Channel Support at 6030.
Holding 6130 levels initially, 6240++ is attainable. If 6130 breaks due to short term OB conditions, then next support levels are at 6070-6050-30 - being Day LEMA, 50 DMA and prev weekly low and weekly channel support.
| TRADE | STOPLOSS | REASON FOR Stoploss |
| Bought at 6050NS on 26/11 | EOD close below 6130 | 20DMA/Day HEMA/5Week SMA |
| Part booked at 6180NS/6225NF on 29/11/13 |
Aggressive buy is possible at 6130-6140 levels with strict SL @ 6120 Hourly close.
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