Nifty Hourly Chart
RBI does it again for which market was not prepared for.Raising the the REPO and Reverse REPO by 50 BPS and markets tanked heavily.
Market did not discounted the news and Nifty tanked.
If we look at hourly charts on Nifty following observation can be noted down:
1. We are approaching a support zone of 5460-5555 which should provide support.
2. Osillators and Indicators are oversold
So a relief rally should come either today or tomorrow which can take us back till 50 SMA@5630.
On Daily Chart we are are can stop the fall at rising support trendline around 5530.
On Daily chart we need to fill gaps which have been pointed on charts till 5530. So once the gap gets filled till 5530 we can except a good bounce back.
Nifty has been falling continuously for a 6 days and a pull back if and when comes should be used to exit longs.
Today watch out for 5642 on NF Trading above it will give a BUllish stance.
Nifty is bullish for the day only above 5610 for the Day
Buy above 5610 Tgt 5624,5679 and 5700
Sell below 5555 Tgt 5530,5454
Levels mentioned are Nifty Spot.
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