Another test of trendline
After 11 trading sessions nifty has made
significant green body (bullish engulfing pattern). Most of the indicators are
still bearish except RSI in daily chart which is coming out of oversold zone
showing signs of pullback. First barrier for nifty is at 5625 from the trendline that is giving resistance since
6100 levels. Above 5625 quick pullback to 5680 is possible. If on the upside nifty fails
to sustain above 5625 we will see larger trend continuing.
Nifty
Res : 5625-5680 Sup :
5540-5480
Nifty Daily Chart
