HOURLY CHART: The Indian market closed on a deep red note, after giving up all its initial gains and broke the trendline 4993, closing near the day's low. On the hourly charts, we are trading in band 4650-4930 and upper band 4940–5300. If broken and closing below 4910 again we will move in the lower band channel.
DAILY CHART: Last week, Nifty lost 4.01 percent, and broke the lower trend channel. Below 4910 we could see more weakness. On the street, no clear trend can be seen from last four weeks. The index has been gaining one week and losing another. A control-tight tashan is going on between bulls and bears. If Nifty closes below 4910, it could test 4833 > 4796 on the upper side, and if it closes above 5020, it could test 5087 to 5162.
WEEKLY CHART: On a weekly basis, we are rangebound. Around 4650 is the lower level and 5400 is strong upper strong resistance level. For the last four weeks, we have seen the balance of power shifting from bulls to bears and back.
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HOURLY CHART: The Indian market closed on a deep red note, after giving up all its initial gains and broke the trendline 4993, closing near the day's low. On the hourly charts, we are trading in band 4650-4930 and upper band 4940–5300. If broken and closing below 4910 again we will move in the lower band channel.
DAILY CHART: Last week, Nifty lost 4.01 percent, and broke the lower trend channel. Below 4910 we could see more weakness. On the street, no clear trend can be seen from last four weeks. The index has been gaining one week and losing another. A control-tight tashan is going on between bulls and bears. If Nifty closes below 4910, it could test 4833 > 4796 on the upper side, and if it closes above 5020, it could test 5087 to 5162.
WEEKLY CHART: On a weekly basis, we are rangebound. Around 4650 is the lower level and 5400 is strong upper strong resistance level. For the last four weeks, we have seen the balance of power shifting from bulls to bears and back.
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