Nifty View for Short term

Nifty Weekly Charts

Applying EMA(13,34,55) principle to Nifty Weekly charts it is found that nifty has made a strong breakout above 13 week EMA last week and facing the first level of immediate resistance near 3230(34 Week EMA) with overbought RSI-2 levels near 95.82 and CCI-4 slightly dipping below 100 levels. Respecting 3230 as a resistance will target nifty once again towards the 13 EMA line i.e 2918(13 Week EMA). Any strong breakout above 3230 levels will target 3340 and 3440 in short term.

Nifty Daily Charts

And Applying EMA(13,34,55) principle to Nifty daily charts if is found that nifty is currently trading above 13,34,55 EMA Before going to the picture EMA Traders will agree a concept that



Nifty Daily charts with 200 day EMA

Daily Charts are showing Bullish Signals as nifty is tradng above 13,34,55 EMA. And the short term Moves are either limited to the bear market resistance line 200 day Moving average – 3454( see nifty daily charts ) or 55 Week EMA -3540(see weekly charts). Overall short term upside is capped at 3454 and 3540 with 3230 as the base resitance line. Quicker upmoves are possible as the daily and weekly RSI-2 levels indicate overbought levels .

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  1. Yogi says

    Supposedly, you had a typo..all indicators are at overbought levels and not at oversold levels.Anyways, Good observation, though!RegardsYogesh Tiwari

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