NIFTY: Today's Chart Analysis

NIFTY Daily Chart Technical Analysis:

NIFTY fell again today but found support before closing.  

Close & CMP: 5417

Market Outlook:

• The index had another long fall today, but is resting on support.
• If NIFTY falls again tomorrow, it should find further support until 5350.  Falling below this level could be dangerous.
• आज NIFTY फिर से गिरी. पर उसे सुप्पोर्ट मिल गया है और सुप्पोर्ट पर ही रुक गयी.  अगर यह कल और नीचे जाती है तो ५३५० तक सुप्पोर्ट मिलता रहेगा.

Technical Indicators:

• The price is resting on its support line.
• There was a bearish engulfing candlestick pattern today.
• The momentum is showing some upward movement though the force is tremendous.  So the market could go in either direction tomorrow, there is no specific trade signal yet.
• Closing exactly on the support line without breaking is a positive sign.
• A lot of contrasting signals amongst technical indicators; the market is going haywire, and there is high insecurity.  As this insecurity reduces, the market should stop falling like it is right now.

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NIFTY Daily Chart Technical Analysis