Nifty is in a good support zone, breaking this will lead to 16250 to 16200 levels .
16700 seems to be a tough wall to break and 16350 gives a strong support , breaking 16700 might give a good rally towards 17300 levels ..
ONGC broke the trend line in hourly chart ,Above todays swing high will be a good buy as the 20 sma crossed the 200 and the future OI build up is massive ( stoploss below hourly 20 sma), can even enter if it takes support at hourly 20 sma with a bullish candle
Market is in a state of being unable to take a decision , expecting a confluence of moving averages ( 20/50/200) before a breakout on either side , might start with a triangle pattern breakout before testing the next support /resistance zones .
Both nifty and banknifty closed below all moving averages (20,50,200) in daily chart, any trend reversal confirmation needs price above the range ( box highlighted ) or any pull back below the range may form a double bottom or H&S pattern to bounce back . Over all any move above 17000 Nifty and 36700 Bank nifty ensures a bullish reversal.
There are 3 possible scenarios for expiry tomorrow since its an election result day ,likely to be a range bound or a bullish expiry and any down move may get support at 16200 levels unless nifty opens with a huge gap down.
NIfty has been getting support continuously at 15700 since yesterday and today it broke the resistance band of 16000 and closed above 20 EMA ( 1 hr) , any move above 16300 / 50 EMA will be extremely bullish .
Nifty moves in a descending triangle but even a break out towards the upper side needs extreme momentum to cross so many hurdles , downside 15900 might act as strong support .
Nifty seems to be in range between 16800 and 16500, any upper moves need to break 20 and 50 MAs and also the trendline resistance .
These are two possible outcomes based on news , but the range seems intact for Thursday expiry
Nifty took support exactly at the zone , now 200 EMA lies almost on the trendline , this confluence might act as a strong resistance at 17400
Nifty seems to be consolidating till it breaks either of the trend line resistance or support zone
Possible range breakout , add an alert on the resistance line , breakout volume bar will be an additional conformation to take a position.
Possible triangle breakout, the direction is not clear as of now also there is a consolidations of moving averages . Putting an alert on both the trendlines.
it looks like a triangle pattern breakout and rsi has already given an early confirmation , in my watchlist , a bullish continuation candle with good volume will be a good entry .
reliance was getting support at same level since last week and broke out of the triangle pattern today , interestingly RSI also crossed the trend line expecting an upmove after a consolidation/ retest of the trend line( if overall market is bearish) . seems an opportunity to enter for short term ..