nifty technical chart study –
just have a look at the nifty positional chart, now past two weeks we have seen continuous selling in our market, every movement in a market given a loss to all bulls, but can we consider that still bulls having a hope for a up move????? just look at the full chart reading.
as per the technical chart of nifty its has just touched the important long term support level at 5480 level and from there it took bounce.
as you can see in chart last couple of time nifty given a bounce from support line.
other that this if we can see the bollinger band then today it able to come out from the oversold zone in this.
even in RSI we can see that it has just touched the over sold zone and now started to move out with today’s positive bar on chart.
as per the candle stick chart pattern today it has given a “bullish engulfing” candle on chart.
so over all study consideration tell us that nifty still have take a support on trendline, and moved out from oversold zone in RSI and bollinger band, but still till its not giving one more confirmation green candle on chart in next trading session till that time we cant consider its a reversal.
so over all we can say that for bulls 5480 is a looking like a final support level, closing positive on Monday can give some relief to bulls and also can give some up moves in market, but be alter if nifty able to go and close below 5480 level then bears will take charge of the trend.
overall next week highly important for nifty to decide its trend.