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NIFTY GIVEN A STANDING RALLY FROM 5100 TO 6250, CAN WE EXPECT A BREAKOUT FOR THIS DIWALI OR EXPECTATION OF PROFIT BOOKING FOR VACATION??? READ THE FULL CHART READING

cnxnifty positional

NIFTY GIVEN A STANDING RALLY FROM 5100 TO 6250, CAN WE EXPECT A BREAKOUT FOR THIS DIWALI OR EXPECTATION OF PROFIT BOOKING FOR VACATION??? DON’T MISS THE FULL TECHNICAL CHART STUDY WITH LEVELS.

In last week report clearly mention that nifty is having major resistance level at 6250, closing above this can lead for next breakout if not then reversal possible, and just see last week nifty made 6252.45 and given a sharp fall from there, and able to sustain near 6100 level in last week.

as per the daily chart study of nifty we can see nifty recently given a “HANGING MAN” candle at top and then followed with “DOJI” or “GRAVESTONE DOJI” candle in Thursdays session, development of such pattern at market top levels are a clear suggestion that trend is little sluggishness at this level, but yet we can’t say it’s a confirmation of downtrend, till the price not able to give close below support line for 2 continued session we can still expect it to take support on trend-line, as rsi is still above the support line, both candlestick patterns and other trend line patterns suggest that market can try to take support in a range of 6000-6100.

As per the RSI development we can see that RSI still not able to move into the overbought zone yet, and number of times it has taken a support on support line, so at present its again near a support line, if able to take support here then rsi will try to move in overbought zone which can drive the price towards the higher levels, once going below support level can give more correction in market, so keeping strict watch on this condition is highly important in next week.

Hanging man given the indication that important immediate support for nifty is 6100 level.

Gravestone doji given the indication that 6250{6252.45} is an important resistance level at top where we have seen continued supply in a market.

Yet we can’t say that trend is change because market is having trend line support at 6100 level and before that its having a “GAP UP” support level at 6000 level, yes this fall we can assume as a correction in original trend as of now, but if nifty able to give close below 6000 for two continued session then we surly can expect a more fall in a market.

As per the current chart representation, nifty having a good support in a range of 6000-6100 and having a major resistance in a range of 6250-6300 range. We can see some range bound moves in this range, but if market able to break and able to give close beyond this levels for 2 days then next supporting levels would be 5850-5750-5600, and upper side we can see 6400-6550-6700 if breakout happens then.

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