Nifty Hourly

Nifty Hourly charts as discussed before 5510  was the main resistance and break above that made nifty to close above an important short term resistance of 5555.

Now nifty is entering into another zone of resistance which was previously the swing high of 5601 which needs to be crossed and 5590 levels where Nifty is having cluster of resistances as shown in above chart.

Nifty Daily

On Daily chart nifty is able to cross and close above an importance trendline resistance around 5510 levels. Next levels of resistance is 5590 which is 100 DMA. Close above it and 5601 swing high is required for furthur uptrend.

Indicators are in Buy mode  and Showing strength and Volumes are on upside.

Nifty is on Buy on Dips till 5510 levels where the breakout has occurred.

 

Fibonacci Levels

As per Fibo Charts the 38.2% retracement of Fall from 5944 to 5328 comes at 5565 levels which shows the importance of this level and why close above it is important.

Nifty if able to retrace 38.2% retracement shows strength in market and rally is based on buying not just short covering.

50% retacement comes at 5637 which is also 50 SMA(another short term resistance).

 

Levels to watch

Buy above 5572 Tgt 5592,5602,5622 and 5637

Sell below  5540 Tgt 5510,5482,5458 and 5436

All Levels mentioned are SPOT levels.