Trying to analyse Nifty on charts.
First on 60 min charts Nifty broke below a trend line, minimum technical targets for that comes around 7757. Meanwhile 200 day EMA is around 7777.47 and 7778 is the 13-April-2016 Gap level below which it can move towards 7718 the lower end of gap. 200 hours EMA is also at 7725.
First on 60 min charts Nifty broke below a trend line, minimum technical targets for that comes around 7757. Meanwhile 200 day EMA is around 7777.47 and 7778 is the 13-April-2016 Gap level below which it can move towards 7718 the lower end of gap. 200 hours EMA is also at 7725.
If we draw another trend line then another breakdown is also visible targets of that comes around 7660.
Now another picture on weekly charts nifty on weekly charts. Two weeks ago Nifty manages to gave a breakout from falling trend line and now again approaching towards that line which comes around 7727 currently.
So 7700-7778 is a good buy zone not a sell zone.
Disclosure: This is not a buy/sell call on Nifty. I was just trying to see the technical picture. Further i am not a SEBI certified analyst, so please do your own study before acting on that call.
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