Nifty took trendline support at 5140 in the hourly charts. One can try small longs at this point with 20 point filter. If this is also broken then 5080 is inevitable support for Nifty. It has upper trendline resistance at 5280. Any up-move here on will unfold only above 5260-80 provided 5140 is respected initially.
As you can see even the Ichimoku resistance stands at 5260s. Also, there is some positive divergence visible in Nifty.
Nifty Levels – 5080 << 5140 << 5180 >> 5230 >> 5260
Nifty Hourly OHLC Chart
Nifty Hourly Ichimoku Chart
About the Author : Priya is the Technical Analyst and author of Analystcalls and often writes guest posts for Marketcalls.
Key Points
• Nifty futures opened positive with gap but selling in heavyweights stocks such as SBIN, TATASTEEL, M&M and TATAMOTORS dragged it into negative territory. Nifty future made a high of 5248, low of 5148 and it finally closed at 5156.
• Nifty spot closed at 5148.35 down by 20.50 points.
• Bank Nifty closed at 9275 down by 17.55 points.
• CNX IT closed at 6210.30 up by 41.45 points.
• Nifty Nov futures closed with 7.5 points premium.
• Nifty Nov futures OI data shows addition of 3 lakh shares.
• Volatility India index VIX closed at 25.29 up by 2.22%.
• PCR (Volume) is at 0.90.
some time fibo does a job
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