Nifty takes a Drifting Turn

Nifty Drifts successfully on the U-Turn to resume the unfinished up-move. Until yesterday, charts were smelling that we could witness a profit booking ahead of expiry and year end but i was proved wrong today. Just like a car gets off road during race and its not expected to be back on track, Nifty was the same but it has been successfully to be back on track with “Morning Star Pattern”  daily charts. As you call can notice on the chart that yesterdays close was with Grave Stone Doji exactly on 100 Day SMA, i was expecting it to breakdown which was also supported by Options. But yellen’s speech last night proved everyone wrong on Daily chart and it has resumed uptrend which was still intact on weekly charts. Now upside resistance is at 200 day average at 7850 which is also nearing to weekly channel resistance at 7945. On the downside 100 Day SMA at 7590 should act as immediate support.

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