Nifty View for 23/11/2009
Nifty Daily Chart has formed “Long White Candle” bullish candle stick pattern with long wave on lower shadow which suggests buying pressure on lower level. After showing one day negative movement of price on 3EMA and 8EMA, again Price is hovering above these two EMAs which is a good sign. Daily RSI is showing strength on chart but Stochastic and MACDh are still on weaker side. Overall scenario on daily chart looks Neutral-to- Bullish and Strong Support formed around 4936 level which is 62% retracement level of the corrective wave. Multiple Resistance zone is at 5070-5080 level.
Weekly Nifty chart has formed “Small White candle” candlestick pattern which suggests uncertainty in market but long lower shadow on weekly chart also suggests downside movement on chart is very secluded. Major Support formed at 4830 level and Resistance placed at 5110 level.
