Yesterday Nifty closed at 5086, a 19 point upmove from the previous day but in between touched 5040 and bounced back.
The Nifty has made a seemingly bullish but nature wise bearish Hanging man on candlestick day charts.... Today we can get confirmation of bearishness by having a day candle like Bearish Engulfing candle or a mild Bearish Hanging man or a trend change indicator like a DOJI.
The reason I believe in this is that we are near the upper bollinger band which is near 5110. The Pivot point for today is 5074 and resistances and supports are 5110, 5133 and 5050,5015. The Nifty 3,13,30 trendlines are all indicating up trend, MACD also positive. But RSI and Slow stochastics are near over bought region and may indicate a possible reversal.
Overall, I see market today coming to 5033 after hitting 5110 and maybe 5133 max.
Be profitable today !!
Ankur...
This blog is a dedicated blog to analyze the India NIFTY index for intraday and coming days.
My NIFTY Intraday Trading system
This is my Trading system which I use for last 5 years in intraday. The System gives indication of overbought/ oversold conditions in intraday Nifty index and thus gives you entry and exit points. I get into the Trade when all of indicators are confirming the Trend and get out of the trade when see 2-3 indicators diverging from the Nifty main trend.
Nifty Live chart
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