NIFTY: Nothing Significant Today

NIFTY Daily Chart Technical Analysis

(Each candlestick represents one daily of stock market activity)

NIFTY closed +50 today and displayed an upward marabozu candle with decent volume, but it still is below the resistance line at 5950.

That is the level to watch out for.  

If it hits 5950, then that would be a good time to play short if the volume lowers and the bar turns red the next day.  But in case it goes above 5950, look for the intensity of the breakout before taking a long position in the market

All posts related to NIFTY

NIFTY Daily Chart Technical Analysis

NIFTY Triangle Upto 5950

NIFTY Daily Chart Technical Analysis

(Each candlestick represents one daily of stock market activity)

NIFTY has hit its old resistance around 5950, a resistance level it had encountered back in April 2011.

As we can see on the chart, NIFTY is now climbing in a triangle considering its steep support line and its current resistance.  The chart denotes lateral movement within the triangle until Feb 2013.

Lets see if that is how it goes. 

In case NIFTY breaks the triangle upwards or downwards with increasing volume it would be a good time to take long (on upward break) or short positions (on downward break).

All posts related to NIFTY

NIFTY Daily Chart Technical Analysis