Weekend Views On Nifty !

The Daily Chart and a few observations;

1. The three key EMA's are bullishly inclined and the Price trading above it.
2. The Price structure remains intact with HH-HL.
3. The overhead resistance at 8335-50 still remains.
4. As often mentioned that last few days price action was more of a consolidation to bring up the 20 periods EMA.
5. 8100-8075 remain good short term support as of now.

The Hourly Chart ;

1. In my previous post I had mentioned the negative divergence on the hourly chart and looks like it played well.
2. Yes! you can see a small HNS on the hourly chart shaded in the ellipse. The necklie is precisely where the previous price congestion is.
3. On the hourly chart 8150 looks a good support, breaking that with volumes might take it to 200 periods EMA below at 8100-8080 below.
4. The immediate overhead resistance remains at 8250-8280.

It would be prudent to wait for the first 15 minute candle to be completed at tommorow's opening before initiating any trade. Not only it gives you some idea of demand and supply plus also puts the risk reward ratio at your side.