Will Nifty Break the sideways move?

By | June 9, 2011

Nifty Hourly Chart

Nifty Hourly chart is forming a converging triangle as shown in the below chart.Nifty Futures have been in a trading range from 5480-5570 from past 5 days.Lows have been rising.

After Every Volatile Move Sideways move come and after Sideways move Volatility lies ahead.

 

Nifty Hourly Chart

On Hourly Chart we have support 5480 and 5450.

Nifty Daily

 

Nifty Daily  showing stuck in a trading range and Yesterday formed an Inside Day candle which signify volatile move ahead.

Today there is EGOM of Diesel Price Hike also so it can give the required boost to nifty on upside or downside.

Technically Bank Stocks are looking weak on charts ICICI(unable to cross 200 DMA) HDFC AXIS are looks weak.

 

 

Nifty Weekly

On Weekly Chart The Pink line is line of resistance close above 5610 will give the required  boost to Bulls on Upside.

 

Levels to Watch

Buy above 5533 Tgt 5557,5574 and 5592

Sell Below 5509 Tgt 5491,5479,5467 and 5450

Levels Mentioned are Nifty Spot

Stay Disciplined For all Your Trades !!

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