Nifty Technical Analysis

We can easily identify the long term upward sloping trend-line still in place. This indicates Nifty has more room on the downside and currently we are heading towards 7400 mark if we have to believe this long term trend-line is to hold. If we drag in terms of time correction, we might see this 7400 mark moving towards 7450 or 7500, let us not speculate right now on where this correction could end up.

Now let us move to intermediate view on Nifty. Let’s pull the weekly chart. The zig zag zone that we believed till yesterday was a rectangle, you can find it in the posts below. Now observing this chart closely, we find it to be a perfect flag pattern in formation. RSI still has more room before turning down from in between 50 and 55 mark. Let us zoom this picture closely as to understand when will this zig zag zone comes to an end.

Source : http://forecaster.dalaltimes.com/

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