Weekly chart has met with an immediate resistance at current level (5367). Breaking this resistance will see Nifty in coming days next resistance at 5410 - 5450 at the LT UP channel.
Daily Analysis:
Daily chart shows a promising UP move. Immediate resistance 5410, next Int UP (blue) channel resistance at 5500. Half-side support at 5280. Next LT UP support at 5022 - 5065. Testing this would indicate less of UP move and more of DOWN move.
Hourly Chart:
A new Int UP channel (blue) is in making. Immediate resistance is met at current level (5360). Immediate upside should be limited to 5370 - 5380. Subsequent downside, halfway 5330 - 5340. Breaking which downside will be tested at 5300 level. This could be a good buy.
Summary:
All charts immediately face resistance.
Breaking which will indicate UP move. Failing which indicate DOWN move. However, as long as 5022 - 5065 is maintained, DOWN move will be prevailed.
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