nifty range for expiry week may be 5300 >< 5500 can be extended to 5700 …
5500, 5575 and 5690 are pivot / reversal levels so buying with volumes must be there to cross these barriers . as per eod nifty chart ,candles are supporting bulls ..next negative wave may take nifty to 5180 5000 level, falling / correcting chances are grim .looking up now . next week will be extremely volatile …spot trend and trade according to it ..trade mostly in intra day trades and carry those stocks which are at breakout level .possible range for next week will be 5300 >< 5500 can be extended to 5700 if short covering will take place ..
Nifty weekly chart is showing that fifth week closing candle was long legged red hammer .Indication of pause in fall and possibility of some pull back or complete reversal is there .
The Hammer is a bullish reversal candlestick. Hammer candlesticks occur when price moves significantly lower after the open, but rebounds to close well above the low. In a perfect hammer, this tail is twice the length of the body and the candlestick will have no upper shadow or wick. The smaller the body and the longer the tail, the more significant the hammer is as a bullish indicator. Hammers form at trend bottoms
Nifty macro and micro analysis for expiry week