Nifty 60 mins
Nifty Daily
Nifty Weekly
Nifty moved as expected.
What's next....?
In our previous post on Nifty Update we mentioned that a breakout above 5588 would take Nifty to 5680 and 5719 as the next levels. And, Nifty moved as anticipated, that too by forming a wedge (see the yellow lines on 60 mins charts).
Now that we have achieved our target, what's next?
Today's big up move would have changed the sentiments of many people. But wait! There is something else to look at. And that is the changes in the charts now.
Observing the 60 mins chart, one can notice the close of last two trading hours is much below its high and the various retracement levels. The candle stick formations in the last two hours are not a good sign for continuation of the up move. Lot depends on tomorrows open. For this upside to continue Nifty must not break 5663 with an important support of 5680 in between.
Daily chart looks positive with filling the Gap Down area, but closing near the upper end of the Gap and below the projection line we have been following. And, on weekly charts, Nifty is at a major Gann Resistance.
Overall, a cautious approach needs to be followed as 5663 and 5720 remain two important zones as per the current scenario. A break on either side would decide the trend. And the next levels are clearly visible in the 60 mins chart. Not to forget the importance of tomorrow's opening.
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