CNX NIFTY Daily Review : 4-September-2014 - Profit Booking is seen at higher levels.

Hourly chart.

• We had seen a hanging man Pattern in the last hour of yesterday's closing at 8139 which drifted nifty lower in the today's session.

• However it manged to take support at lower band of up-trending channel and at the 23.6% retrace-ment of its previous rally from 7862-8141.

• Four small real bodied candles with long lower shadows appeared at the support level of 8075, followed by a Bullish Belt Hold Candle in the last hour of today's trading.

• Bollinger Bands are contracting, indicating a range bound movement may be seen in the near term.

• It may re-test the previous resistance established at 8140, if able to sustains above 8100 in the initial hour of tomorrow's trading.

• Trading Range : 8140-8060.

• Support - 8075, 8035, 8000.

• Resistance - 8100,8140.

For Yesterday's analysis , please click on the link below:
http://techincallearning.blogspot.in/2014/09/do-u-think-nifty-gains-before.html