NIFTY Near Its Support Line

NIFTY Daily Chart Technical Analysis:

NIFTY has been falling since the past few days as expected (Check my previous post on NIFTY to see we had expected this fall).  It has finally reached near its support line. 

The 5500-5550 is an important level and NIFTY is expected to bounce back from here.  If it bounces back it might be a good time to expect a bull run.

But if it falls below 5500 and closes below this level for a couple of days, then we might face a further fall and it might take a while for NIFTY to recover.

The next couple of days will be important in taking a positional call on NIFTY. 

All posts related to NIFTY

NIFTY Daily Chart Technical Analysis

NIFTY in Decreasing Triangle

NIFTY Weekly Chart Technical Analysis:

Nifty has been interestingly volatile in the past few weeks.

As visible on the chart, there is a resistance line of a decreasing triangle that Nifty is unable to break since the past 3 weeks.  This resistance line began in Nov 2010 and Nifty is unable to break the same as of yet.  

Think of a long position this week only if Nifty comfortably goes and closes above 5945.  In fact, there is a chance it might fall back to 5550 - 5600 levels.  Be alert, it's not a bull run yet.

All posts related to NIFTY

NIFTY Weekly Chart Technical Analysis