Nifty Daily Chart Analysis (2849)

>> Monday, February 2, 2009

EOD chart has formed “Bullish Engulf Pattern” with “Hanging Man Pattern” on Friday. We are stick to same view as we advocated last week, Nifty is bullish above 2869 level on closing basis. Currently Nifty is well above its 13 EMA(2816) and 34 EMA(2867) which suggest there is some amount of Bull steam is left for near term although that doesn’t mean that market is bullish , for intermediate term outlook is still bearish unless and until if closes above 3147. Currently trend line support exist at 2800. Daily RSI and MACD is exhibiting positive divergence where as Stochastic is in over bought region.

Support:- 2841/2827/2815

Resistance:- 2929 /2953

By Dhawal Joshi