After a few sessions of down moves, NIFTY turns up without reaching value zone. Value zone on daily chart moves up to 5255-5192, while 5270 forms a strong support on NIFTY. MACD lines have given a higher high indicating that the trend is likely to continue further. On breach of 5375 resistance, next immediate resistance is at 5400, we expect NIFTY to reach 5400 with convenience.
Weekly chart of NIFTY which opened out to another bullish trend confirms the daily opinion of breaching 5400. Above 5400 the next levels to watch out is at 5450.
The hourly charts had yet another whipsaw trade before getting long on the trade signal which had taken off the range channel high decisively. Our long trade on the hourly in the trend system is positive at close. MACD Histogram has begun giving higher high bars above zero, which has come here after a small bullish divergence between prices. MACD lines too have started rising and is above zero now. EMA's have crossed over and have started opening out, the value zone at the closing bar is 5317-5315.
The upward slope on the EMA along with the Histogram is a strong signal that the prevailing trend is going to continue.
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