Nifty Views !!!

What you see above is the Daily chart of Nifty;

1. In the last two days it has slipped below and then taken support at the 20 period EMA.
2. Two days Two Doji's a.k.a neither side wants to relent.
3. Speaking of support at the 20 period EMA; Short term strength of the rally can be measured with the 20 period EMA, as many a people love to go long or short below it. Assuming that in the last two days the move below the 20 EMA was a shakeout as it was reclaimed back within a few hours on each day, have also flattened the average a wee bit. Any close of atleast 1% below it would have been a serious cause of concern.
4. As of now in Bull speak the status quo of my previous post remains unchanged. No major damage to the chart besides the small gap on the upside. The bullish price structure of HH-HL still remains and so does the bullish juxtaposition of all the three key EMA's.

Now do take a look at the Hourly chart below;

1. The HNS mentioned in the previous post played to the T. And so did the supports which were mentioned held well.
2. A price congestion (marked in yellow), a double bottom with positive divergence and MACD crossover.

Nifty gave a very low risk buy entry (at 8100) at about 2:30 p.m. By low risk I mean, we had a convegence of;
a. Support at the 20 EMA on the Daily Chart.
b. Clear Double Bottom at the support seen on the Hourly Chart.
c. Positive Divergence on the indicators as seen on the Hourly Chart.

A stop of just 20 points at 8080. With today's closing I think this low risk entry was not bad at all !