Where Do you See the Support Levels?

Hi kamat,
I think trading range should be 5550 to 5650

 

Today Nifty trades at 5641 levels. Only if it crosses the resistance of 5750 levels then it is a trend reversal. Else it is only a spike in downtrend and it is continuation of Downtrend . Am i rite?

 

You are right.. Before reaching to 5750, Nifty has a resistance at 5690 levels and it should break that decisively with large volumes.. So, its still not a trend reversal as you rightly pointed out..

 

I think nifty range should be 5650 to 5750

 

Shabbir,
The link below gives the 6 months daily chart of the Nifty... My question is can we treat the 10th Apr candle as the pinbar?... The candle body is well within the price range of the previous candle (i.e. 9th Apr).. The tail of this candle is well below its neighboring candles and the closing price of the next candle (i.e. 11th Apr) is well above the close price of the pinbar candle...

The only concern to me is that the open and close price of this candle is not very close... So, going by that way it may not be a perfect pinbar...

http://chartink.com/stocks/nifty.html

 

Is this a Bull trap?

 

Sure.. Thanks Shabbir for your comments..

 

Today Nifty moves above 5750 levels. Is it a breakout? will it be a Trend Reversal?

 

I would wait till 5950+ for buy signal