Nifty is trading within 5200-5600 for the last 33 sessions and Supports and Resistamces are as follows:-
1- Resistance at 5600
2- Strong Support at 5400
3- Support at 5200
Following 2 formations are seen in EOD Chart:-
1- Continuation pattern- Symmetrical Triangle
2- Bullish Pattern- W" Formation
1- EOD Chart showing above formations:-
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| Just click on chart for its enlarged view |
Sentiment is extremely depressd in last 8 sessions but Nifty survived above 5400 therefore it is well proved strong support and until Nifty will not sustain below it till then any down move will not be imagined despite whatsoever negative news.
Next immediate resistance is between 5540-5580 and Nifty traded whole day below it within 5500-5535 yesterday with intraday charts bullish indications,as markets are news based therefore confirmation through range break out and sustaining beyond is must. Markets are news based highly volatile in this week and will open at any point between 5400-5600according to sentiment just before trading but sustaining above or below yesterday range will give following conclusions:-
1- If Nifty moves above 5535 then will easily cross 5580 and full forced bullish markets will be expected.
2- If Nifty sustains below then 5400 will be watched first and if Nifty sustains below 5200 then fast down moves will be seen.
Dow is 200 points down at this moment therefore weak opening is possible today morning but final moves will be decided according to sustaining below or above 5500.
