Nifty Futures
LTP: 14855.30
Support: 14683.75
Resistance: 14881.85
Daily charts (long term)
There was a doji on the 23rd of April which is a pattern that suggests a reversal and Nifty futures have been in in uptrend since then.
The candle today has broken a downtrend since 12th March.
20 DEMA is at 14623.03 which will be our first support level.
MACD is in the bear zone but there is a slight reversal. We will consider this as neutral.
RSI has crossed above the 50 mark.
***The only factor that concerns me is the gap between the 20 DEMA and the LTP which is of around 225 points. The trend is clearly bullish.
Hourly charts (medium term)
There is a strong resistance at 14881.85. Nifty futures resisted at these levels on the 3rd of Feb and has been taking support and resisting it since then. The timeline shows the strength at these levels.
MACD is bullish and strong.
RSI is in the overbought range which means that we may see a running correction.
***We will wait for the right entry point to go long.
15m charts (short term)
14821.29 is the 20 DEMA for this period which is quite close to the current trading prices.
The volumes are in red.
MACD is in the bullish range but is in a bearish reversal.
RSI is in a correction mode. It is correcting itself from the overbought range.
***Consideration and comparing the hourly and 15m charts, we will wait for a running correction and right signals to enter. 29th being a Thursday can see a sharp up move when short covering comes in play but this doesn't mean that the nifty is in an uptrend.
LTP: 14855.30
Support: 14683.75
Resistance: 14881.85
Daily charts (long term)
There was a doji on the 23rd of April which is a pattern that suggests a reversal and Nifty futures have been in in uptrend since then.
The candle today has broken a downtrend since 12th March.
20 DEMA is at 14623.03 which will be our first support level.
MACD is in the bear zone but there is a slight reversal. We will consider this as neutral.
RSI has crossed above the 50 mark.
***The only factor that concerns me is the gap between the 20 DEMA and the LTP which is of around 225 points. The trend is clearly bullish.
Hourly charts (medium term)
There is a strong resistance at 14881.85. Nifty futures resisted at these levels on the 3rd of Feb and has been taking support and resisting it since then. The timeline shows the strength at these levels.
MACD is bullish and strong.
RSI is in the overbought range which means that we may see a running correction.
***We will wait for the right entry point to go long.
15m charts (short term)
14821.29 is the 20 DEMA for this period which is quite close to the current trading prices.
The volumes are in red.
MACD is in the bullish range but is in a bearish reversal.
RSI is in a correction mode. It is correcting itself from the overbought range.
***Consideration and comparing the hourly and 15m charts, we will wait for a running correction and right signals to enter. 29th being a Thursday can see a sharp up move when short covering comes in play but this doesn't mean that the nifty is in an uptrend.