Nifty chart
Nifty Trade Support 5663-5657 Resistance 5731-5736
Nifty Trend Support 5595-5580 Resistance 5755-5769
Nifty bounced from 50% of the swing 4770-6229, almost near to the
previous low 5558. Long time Negative breakout line around
5755-5769. Bulls target is to break this line to get the target 5950 and
hold 5600 as a base on closing basis. Almost all the oscillators and Money
flow indicators are around over bought zone. Weekly trend is still not
good. so keep trailing stop loss for all longs. 200 Exponential Moving Average
(EMA) at 5779 and 50 EMA at 5814. Both are near to the negative breakout
line, so be cautious on longs around here. Expected some profit booking or
sideways momentum with minor negative move in intra day.
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