Stock cash tips :-
On the above chart nifty has seen selling pressure from the pick of 9119.20 level, that is one long negative candle, from that level nifty has been trading in negative trend. Its short term trend is down. Nifty has bottomed out from the level of 6825 and has seen smart up move in last month.
On the daily chart nifty made a strong “Hammer” candlstick pattern with confirmation of bullish candle. Momentum indicators RSI is also trading in positive territory. It has a trendline breakout at 7780 level if it will give breakout with strong volume then it can see more buying. It is trading above 100 DMA level i.e.7580.
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| Shield Research |
On the Weekly chart nifty took support of long term 200 DMA i.e. 6960 level and made a strong bullish candle which shows consistance buyng from bottom level.Now it is trading below 100 DMA i.e. 8037 level and momentum indicators stochastic is also trading in overbought zone which indicates that can see some correction in coming days.
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| Equity cash Graph |
Overall, nifty is trading in uptrend from last month and fill all gap area. On the daily chart nifty made a “DOJI” candlestick pattern which shows indecisive mode and waiting for trendline breakout which is strong resistance level at 7780-7830.Nifty has a strong support level at 7550-7500-7400. Nifty has near support level of 7650-7620 if it will break then can touch 7400 level. On the higher side its near resistance levels 7780-7830-7900 levels if it will break then can touch 8000 level.
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