Previous week my observation was " On weekly chart Inside Day formation with long tail is visible which signals reversal". NIFTY's bearish candle confirms the view.
WEEKLY CHART OF NIFTY
NIFTY Ahead: Nifty closed below 5 WEMA and 5 Weekly Moving Average touched 20 Weekly Moving Average. A convincing cross may give hope to bulls and NIFTY may recover some loosing ground. Failing to cross may cause fast fall. But NIFTY closed well below DLEMA (5200) and WHEMA (5280). These data are supporting bears now.
Hourly indicators are in oversold zone. So, intra-day bounce can not be ruled out.
Hourly indicators are in oversold zone. So, intra-day bounce can not be ruled out.
VOLUME PROFILE CHART
TRADE: 10Day-30Min volume profile chart is showing 1st POC around 5289 and 2nd POC around 5258. So, any upmove upto 5255 can be taken as opportunity to short with SL of 5295 for the target of 5090-5060.
WLEMA @ 5075; 50% retracement of upmovve from 4728 to 5399 @ 5064.
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