Theres some good news and some bad news.
The good news is that Nifty today narrowed on its range, made a "doji" (undecisiveness of trend) on the EOD charts, closed and traded all day, almost, above its 6 month old trendline, MacdH showing exhaustion in the downtrend, suggesting that it may find some support here.
The bad news is, Bank Nifty on the other hand, has given a trendline breakdown, to form what seems like an "inverted cup and handle" pattern. MacdH still exhibiting weakness, RSI Stochastics in the negative terrain, gives mew a target of 8200-8250 on bank nifty.
Amongst stock derivatives, except for sugar stocks, almost all stock futures looking weak to neutral on EOD charts, and by itself, sugar stocks are not known to give a pull back on Nifty.
Thus, am inclined towards negative trade for the coming session. The levels to watch out for should be, below 4990, it may test 4937-4883. On the upside, above 5039, we may witness, 5075.
However, it is always best to flow with the tide. Happy Trading !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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This blog is meant for all people interested in technical analysis of Indian capital markets. Here, I wish to share my perception of the share market, stocks and derivatives based on various charting techniques.
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