EOD nifty chart having three channels . horizontal and 2 possible slanting channels . 2 channels are providing support but red channel is indicating that support will be at 5435 …price movement of next week will give further confirmation but few indications are there which are indicating for reversal or range bound market ahead .
when ever trend reverses volatility increases and we saw that nifty moved by more than 30 points down and up moves .
spinning bottom spotted .
RSI is trading below 30 .
Nifty 5 year weekly chart is showing that nifty is trading at 50 week moving average .Its long term trend is still bullish till it is trading above 200 and 50 period weekly moving averages . Downside support is 5415 5325 on breach of 5325 next bib support is there at 4898 as per chart …if sustained above it, upside possibility of 5600 5696 is there .
5537 at spot is crucial
Macro analysis of 5 years weekly nifty chart