From the past few session we had doji's , spinning top candles on Nifty daily charts, however all of those indecisive candles marked new highs and respected previous lows, signalling positive bias intact.
Accordingly in today's session, Nifty pushed above the 8800 mark resistance marked by doji and 61.8% retracement of its previous rally, on closing basis and now on principal of polarity same level have become potential support.
Now Important Levels to watch are herein below:
On hourly chart Nifty is riding along the lower band of a bullish up-slanting channel.
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On daily chart, nifty is moving in a bullish expanding channel.
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On weekly chart we had a bullish candle which closed near its high.
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On Monthly chart , we had Evening star Pattern , adding caution , that risk is still here, until this pattern is negated on weekly closing basis.
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Accordingly in today's session, Nifty pushed above the 8800 mark resistance marked by doji and 61.8% retracement of its previous rally, on closing basis and now on principal of polarity same level have become potential support.
Now Important Levels to watch are herein below:
IMMEDIATE RESISTANCE : 8900, 8930
IMMEDIATE SUPPORT: 8800
Lets look at lower degree charts to higher degree charts of CNX Nifty..
On hourly chart Nifty is riding along the lower band of a bullish up-slanting channel.
On daily chart, nifty is moving in a bullish expanding channel.
On weekly chart we had a bullish candle which closed near its high.
On Monthly chart , we had Evening star Pattern , adding caution , that risk is still here, until this pattern is negated on weekly closing basis.
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