Nifty ended around 5140 levels after forming a double bottom at 4800 levels. The Nifty is near few resistance points -
a) 5148 is the 200 day EMA on daily charts.
b) Nifty bounced off 5200 around 5 times from March to May after which it fell down. Now this level should be classified as big resistance level where the Nifty should be tested.
MACD has shown positive divergence. However Nifty needs to be given sometime to see how it reacts around these levels as lot of supply is expected.
a) 5148 is the 200 day EMA on daily charts.
b) Nifty bounced off 5200 around 5 times from March to May after which it fell down. Now this level should be classified as big resistance level where the Nifty should be tested.
MACD has shown positive divergence. However Nifty needs to be given sometime to see how it reacts around these levels as lot of supply is expected.
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