November 28, 2013

Markets gapup but fail to cross day's highs

Led by global clues, markets had a strong gapup opening but failed to cross the high formed in first 5 minutes. Closing was near open though markets were up almost 1%.

But everything still remains in a range so action is stock specific.

Intraday charts clearly show rangebound trading... the first 5 min high was not crossed, the opening level broke later in the day and markets ended up closing near open.

Trendline resistance is clearly visible on hourly charts


  1. Sir the trendline in hourly t/f should be drawn from the swing highs to find the actual resistances ,kindly update thnx

    1. Yes.... the resistance level would be roughly 6150 levels... but this would be as per NOV series.

      DEC series levels will not make sense as the trendline logic will not work.

      You will need to draw the trendline on nifty spot charts (I dont have this)


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