Nifty has been trading in a small range of 6140-6225 [ congestion, consolidation] for last 6 days.
Congestion band
- In the First two days nifty was testing its 44 day EMA,( 6184), and broke it down on 3rd day and closed under it.
- 4th, 5th day nifty traded with very small real red bodies and tested it 44 day EMA, in intra-day& sift through it , however closing came under it.
- Today a bounce came in(which is expected also as nifty was testing it resistance at 6184), but supply overwhelm demand, however nifty tested its 20 day S.M.A and closed again under 44 day E.M.A.
- Nifty has made a strong base at 6140.
- Nifty is also having a strong support at 6130{ Previous bullish engulfing}
- Resistance 6263, 6284, 6300.
No comments:
Post a Comment