The April Series has been listless series which can be best summarized as the series of consolidation after a Topsy turfy ride in volatile march series. Consolidation is an integral part of market which is very much required before next big move. May Series promises to be a month of big moves. Lets jump into technicals on what in for Nifty for month of May.
Nifty Hourly Chart
Hourly chart are trading below the 50 HSMA which means bears are strong upper hand till Nifty is trading below 5226. Bollinger Band pattern forms bands are getting contracted means volatile and directional move are in offing for Nifty.
Nifty Daily Chart
Nifty has formed a pop gun candlestick pattern on Thursday and Friday which is a bullish pattern if its able to close and trade above 5233.
61.8% retracement comes at 5211 and 50% comes at 5080 from high of 5630 to low of 4532. Till 5080 is not broken bias will remain bullish
Fast Fall and Rise Set up
Fast fall set up is making on Nifty daily chart, Confirmation will come on close below 5130 Nifty. Indicators are going to oversold region but during trending markets indicators will remian overbought or oversold for a prolonged period of time. Always believe on Price.
Nifty Trend Deciding Level:5217
Nifty Resistance:5235,5283 and 5310
Nifty Support :5189,5154,5135 and 5080
Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl
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