Nifty moved up as has been anticipated and there after just corrected after that to close at virtually at low of the day. Nifty moved above the R1 of the weekly pivot and failed to move towards R2 which is at 5021 and moved below the R1 by the close of the day thus indicating weakness and also indicating that it might move towards the weekly pivot at 4723. Nifty has to make an attempt to moves towards 5021 other wise we have all the chances of seeing 4723 this week only. It can be noted in todays movement that nifty just moved above the 15 day High EMA and failed to sustain above it. 15 day high EMA is placed at 4907 and it might act as a resistance atleast for very short time. if nifty failes to sustain above it then it should try to move towards the 50 day EMA which is at 4830. It may be noted and has been shown in the chart that the fall of the day is along with negative candle is on higher volumes that that seen during the last four days rise which is clearly indicating that some amount of distribution is going on in the market.
No comments:
Post a Comment