.FALLING TRENDLINE AND RISING WEDGE @ 5070.
.FALLING WEDGE @ 5020.
NIFTY RESISTANCE
.200SMA @ 5117.
.20SMA @ 5230 .
.50SMA @ 5282.
.FALLING TRENDLINE.
Nifty has closed below 200SMA for the first time in 3 months.A close below 200SMA is very Bearish.Nifty has strong support @ 5070 and last support @ 5020.If Nifty closes below 5020,who will save this Market............??.A close below 5020,nifty can go down till 4650 and fill all the existing gaps.
Bulls need to hold 5020 to prevent further weakness and a close above 200SMA,to bring back the upward momentum going.
Traders can go long in Nifty @ 5020-5030 levels ,with a very strict stop-loss of 4990 for a dead cat bounce.(Nifty spot levels).
