Nifty Futures
LTP: 14897.10
Support: 14703.90
Resistance: 14943.90
Daily charts (long term)
My concern remains the same which is the gap between the 20 DEMA and the candles. 14649.13 is where the 20 DEMA is trading and the candles should hold on to these levels. Breaking these levels and trading below is a sign of weakness. We will have to watch if we hang around below or do we pull back after we open for the day.
MACD shows a reversal and RSI is strong above the 50 mark.
***Every dip is a buying opportunity.
Hourly charts (medium charts)
The charts did break the downtrend but we couldn't keep up the upmove and we had a red candle to end the day. It is never a good sign to close on a negative note and as we see, SGX nifty is going to give us a gap down opening.
DEMA is aligned well and the gaps are decent as well.
MACD shows a reversal and RSI is strong above the 50 mark.
***Every dip is a buying opportunity.
15m charts (short term)
Now, 15m chart candles might open way below the 20 DEMA.
MACD has closed at a dangerously weak note.
RSI is very close to the 50 mark so I am sure it will fall as we open. Will it fight back?
***Not clear but comparing the daily and hourly charts, buy on dips is what I will stick to.
LTP: 14897.10
Support: 14703.90
Resistance: 14943.90
Daily charts (long term)
My concern remains the same which is the gap between the 20 DEMA and the candles. 14649.13 is where the 20 DEMA is trading and the candles should hold on to these levels. Breaking these levels and trading below is a sign of weakness. We will have to watch if we hang around below or do we pull back after we open for the day.
MACD shows a reversal and RSI is strong above the 50 mark.
***Every dip is a buying opportunity.
Hourly charts (medium charts)
The charts did break the downtrend but we couldn't keep up the upmove and we had a red candle to end the day. It is never a good sign to close on a negative note and as we see, SGX nifty is going to give us a gap down opening.
DEMA is aligned well and the gaps are decent as well.
MACD shows a reversal and RSI is strong above the 50 mark.
***Every dip is a buying opportunity.
15m charts (short term)
Now, 15m chart candles might open way below the 20 DEMA.
MACD has closed at a dangerously weak note.
RSI is very close to the 50 mark so I am sure it will fall as we open. Will it fight back?
***Not clear but comparing the daily and hourly charts, buy on dips is what I will stick to.