Technical Levels:Nifty and BGR energy

By | June 14, 2011 3:12 am

Nifty Hourly

Nifty gave a expected upmove yesterday as per hourly charts.5440 was a level of Support and we saw an expected upmove inspite of weak global cues.

Trade on System not on your emotion/Intutuion

Now For today Arrow Marks in Red should be intital point of Resistance @5521 move above that should take us back 5550 levels.

Till now we are in Trading range of 5440-5570 and still in sideways mode ,Trade with less volumes.

Nifty Fibo

Nifty Fibo should us both support @5434 and Resistance @5495 . Now Next levels of Resistance comes @5545 and

Line of Resistance @5605-5610


Nifty Daily

Nifty Daily broke the trendline Support in morning hours due to bad global cues but quickly recovered. Bullish wedge Formation is seen on Nifty daily which can take us back to top end of trading range@5570

Levels to Watch

Buy above 5507 Tgt 5521,5531,5545 and 5570

Sell below 5472 Tgt 5547,5436 and 5412

Level Mentioned are Spot Levels.

BGR Energy

BGR Energy is forming a symmetrical triangle facing trendline resistance @501

Break of 501 will give mometum on upside as we can see volume expansion also.

Momentum oscillators are in Buy mode confirming our views.

Buy above 501 Tgt 506,510515



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