Nifty Hourly Chart
Nifty Hourly chart are in oversold zone with the correction which was witnesses in last 2 trading sessions. On Hourly we are moving in a trendline channel with upper range of 5944 and lower range 5650 in immediate short term.
RSI and SLow Stochastic are in Oversold zone but I keep on telling Indicators can remain overbought and oversold for a long period of time.
Nifty Daily Chart
Nifty Daily Charts are into 2 parallel channel as shown in the chart.Yesterday close threatened the move below 200 DMA where if we close below that we will move into bear market once again.
200 DMA is dividing line between Bulls and Bears
Slow Stochastic is in SELL and RSI is also moving below 50 line MACD generating SELL are in favour of Bears.
Nifty Weekly Chart
Most Important Level to watchout today is yesterday’s Low@5722. This should be held for futthur upmove and with the gap down opening we will see this level will get swiped away in todays opening bell.
Support@5685,5660,5607.
Below 5660 exit all Longs Held in market.
Resistance@5749,5783 and 5844