Nifty Views for 07 April

By | April 6, 2011

Nifty Hourly Chart

 

Nifty Hourly charts with a combination of 21 EMA is shown.Nifty on hourly chart has broken the channel and took support at its 21 EMA.

On Hourly Charts Nifty has become SELL as it has closed below its Hour High EMA@5907. Watch out 21 EMA on hourly chart any close below it will make nifty bearish for short term.

 

Nifty Daily Chart

As per Nifty Daily chart we have hit the resistance line at todays high of 5944  and with a formation of spinning top candelstick formation.

Spinning top are bearish in nature but we need price confirmation for the same.

 

 

If nifty has formed an intermediate top at 5944 today we will get support at following levels 5779 and 5649 for the week.

 

Nifty Fibonacci Retracement

Nifty on daily charts closed below Day High EMA@ 5895 and which is golden ratio ie. 61.8% retracement zone from high of 6333 to low of 5177.

Stochastic  is overbought and a move below 80 will confirm down move. RSI is giving negative divergence

 

Sell below 5886 Tgt 5859 and 5826

Buy above 5944 Tgt 5977 and 6035

 

These are spot levels.

 

As per Nifty Option Interest Charts 5800 PE has highest OI and 6000 CE has highest OI which means nifty should trade in this range

 

 

Rgds,

Bramesh

09985711341

 

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