Nifty negotiating EMAs, moving in a channel and a tringle.

Nifty spent major part of the day, struggling within the values made by 50,100 and 200 DEMAs.

After an exceptionally volatile day, Nifty did manage to close above all the three DEMAs, indicators too have turned slightly positive on the daily charts.

Banks Nifty looked weak after an initial rally, and closed with nominal gains. With approx. 40% of its weightage from Banks, Financial Institutions Nifty may not move up without Bank Nifty for long.

On hourly charts, Nifty is moving in a channel and also formed a tringle.

It closed near higher range of downward channel, If the channel is breached on the higher side (i.e. Nifty trading above 11360) it may move towards 11390 - 11480 - 11520 levels.

Since upper line of Channel and Tringle is same, a breach on the top will happen simultaneously.

Incase it reverses, the support exists at 11250 - 11224 - 11178 - 11148 levels.

I am repeating, 11050-11100 is a strong support base, should not break unless there is some extremely negative news. Slow economy, low IIP growth are in the price and market can recover from these levels, despite such news flow.

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