Nifty keeps everyone guessing of its next move. However there are few things which are very clear now. On nifty daily charts if it breaks red trendline it can test the lower blue line. If it holds onto the red line then 5800 is nearby ( seems this expiry) Nifty weekly charts show us that nifty needs to close above long term red trendline to showcase some bullishness, failure to do so can results into testing 5300 in quick time. On 30 min chart Nifty is moving in a big downtrending channel.
Added Banknifty charts to see the main culprit of the fall in nifty and which can easily take it to new highs. Bank Nifty Daily charts show a clear downtrending channel. Bank nifty is moving up from lower trendline but its now near 200 day ema at 10909. Once it crosses that then 11300 is the upper trendline resistance, however we need to watch 21 and 34 ema's and sma's on its way upwards.
Banknifty weekly charts hows an interesting picture. Banknifty tested its 2008 highs and now has closed above those levels which is good sign for next move upwards. Bannifty has exactly got resisted on friday at the upper most blue long term trendline. Needs to cross this for upward movement.
So everything is in pritine natural balance at tghis point of time. One thing is sure who ever wins on Monday is going to crush the other side very mercilessly. It pays handsomely to be on right side
Added Banknifty charts to see the main culprit of the fall in nifty and which can easily take it to new highs. Bank Nifty Daily charts show a clear downtrending channel. Bank nifty is moving up from lower trendline but its now near 200 day ema at 10909. Once it crosses that then 11300 is the upper trendline resistance, however we need to watch 21 and 34 ema's and sma's on its way upwards.
Banknifty weekly charts hows an interesting picture. Banknifty tested its 2008 highs and now has closed above those levels which is good sign for next move upwards. Bannifty has exactly got resisted on friday at the upper most blue long term trendline. Needs to cross this for upward movement.
So everything is in pritine natural balance at tghis point of time. One thing is sure who ever wins on Monday is going to crush the other side very mercilessly. It pays handsomely to be on right side
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