Nifty Views !!!

This is the follow up on my last post where I had mentioned Nifty is niether Bullish Nor Bearish but it was just in a range !!!

Do take a look at the Weekly chart below:

1. You can clearly see a down channel and price trading on the upper end !
2. It took support at the 20 EMA on the weekly and faced resistance at the 50 EMA !
3. On Weekly we are still above the 200 EMA !
4. No lower low on Weekly !

Now take a look at the Daily chart below:

1. Like mentioned ...Yes there is and HNS visible !
2. Yes price has found solace (see the arrows) at the 50 EMA on the Daily chart.
3. The confluence of 20 EMA and 200 EMA are just overhead.
4. 7850 still remains important for close.
5. Though the price made a lower high it has failed to break the LOW (marked in green arrow),thus making a higher low.

Now the Hourly Chart:

1. The GAP (shaded in yellow) provided support and then resistance and now the price is at it.
2. At the time of writing this post the world markets seems to be doing well so Yes...A gap up is possible tommorow.
3. An inital early morning gap usuaually results in sideways drifting of the price, primarily for two reasons. One either it needs to pull back check the GAP strength and secondly it enables the EMA's to catch with the price for the next move.

Its not necessary to trade daily and nor its important to scream BULL and BEAR. Actually we just do not know anything about the direction of the market. We all make intelligent guesses and the only difference between all the guessers is that some always stick to their trading plans and stick to their Stops, while others just play the game of HOPE and LUCK!!!!