November 29, 2013

NIFTY daily, weekly and monthly charts

On EOD charts, nifty closes near upper end of trading range. Closing near weekly high is usually considered to be a bullish sign.

Advance decline was positive. However VIX increased by 3-4% showing increased fear in option writers.

Option writing points to support at 6000 and resistance at 6500. Repeat 6500.

Weekly charts point to sideways trading with initial bias being down. Note expanding triangle on weekly charts - this is a bearish sign and will be negated when nifty can close above 6220 this Friday.

MOnthly charts show stiff resistance near lifetime highs... Holding above 6380 becomes very important. Last 2 months candlesticks point to bullishness.


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