Nifty (Weekly close approx. 9998): Nifty gaps down on Friday’s session on adverse global cues of US-China trade war and tumbled below psychological 10000 mark. Presently the index is standing at a very crucial level and fall below this may take Nifty to 9700 (an important support level).
Nifty Hourly
In the Hourly chart, Nifty has been trading below all short term moving averages and is in a strong correction mode. Moreover, the hourly RSI, Stochastic and CCI are very close to the lower bound of their respective ranges. The probable support comes at 5 Hour Low EMA (presently at approx. 9985.2) and lower Bollinger line (presently at approx. 9928.8).
The probable resistance comes at 13 Hour moving average (presently at approx. 10057.4) and 20 Hour moving average (presently at approx. 10099.9).
Hourly Chart
Nifty Daily
Nifty is trading below all short term moving averages in the daily chart and has also broken an important support level of 200 DMA (presently at approx. 10172.8) which is a bearish signal in the short term. However, presently Nifty is standing at a very important psychological level of 10000 which is an important level to watch out for in the near term. Moreover, the daily RSI, Stochastic and CCI are in the lower bound of their respective ranges.
The probable support in the daily chart comes at lower Bollinger line (presently at approx. 9972.1) and probable resistance is at 5 Day Low EMA (presently at approx. 10072.9) and 200 DMA (presently at approx. 10172.8).
Daily Chart
Nifty Weekly
In the weekly chart, Nifty has closed below 50 Weekly Moving Average (presently at approx. 10040.8) and has bounced from the 38.2 retracement level of recent move from 7893 to 11171. The index has broken an important support level of 10170 in the previous week and next important support comes at 9700.
Weekly Chart
Nifty ELM Matrix
