Charts for the Day


Short term - down
Inter - UP
Long term - UP


Short term - Down
Inter - Down
Long term - Down

Now as per momentum and price action readings,hourly price structure deteriorating. So advise is carry longs with caution.
As per price action it seems, 6055 / 6035 / 6005 is testable.
As momentum loosing making it difficult to go higher. Inspite of up 1% A/D still hovering near 1, so price rising raising suspicion.

Tomorrow, trading below 6060 is a sign of weakness.
Nifty update:

See support at 6005 zone, if hold good, else selling towards 5990/ 40 zone awaiting.
Any rise will see resistance at 6040 level.

The way hourly momentum is sitting, it seems more downside is on cards. But question is it in how much time, As we know time consolidation will make it stronger, and can climb back more fiercely.

The metal sector as of now holding off, it may be the next one to crack. As a matter of momentum weakness setup it looks nice short candidate.
A upside resistance zone of 111.2, a close above it is positive for bulls. The momentum setup pointing to a weakness and lower levels mentioned on chart for support levels.