Nifty Hourly 11-03-15

Hi,

Nifty was on consolidation today but managed to close negative. Hexaware closed positive with a gravestone candlestick formation. Confirmation of the previous posted view is needed tomorrow. 8680 is still an important support and close below that on an hourly basis could start the continuation of the decline towards lower levels.

As per the charts the trend channel is broken by today’s consolidation so some move has ended whether is the 3rd wave or complete wave 1 that remains a puzzle. Although both points towards a higher price move in the coming days the extent to which the prices reach is the main question. Further action will confirm.

Nifty

Support – 8680,8655

Resistance – 8780,8802

Buy Above – 8715

Sell Below – 8680

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