After break down from the upward sloping trendline on 25/09/17 nifty today i.e. 27/09/17 tried to move upward with a gap up open of 50points but experienced heavy selling pressure at the said trendline thus confirming that the erstwhile support has now become a strong resistance.
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As expected today i.e. 29/09/17 was a very turbulent day, pertinent to note that selling pressure on Nifty originated at the extended downward sloping trendline connecting the highs of 02/08/16,04/09/17,08/09/17 and the closing of 26/09/17. Furthermore the days low/momentary support came at the 100EMA Daily. Expecting more intraday turbulence before emergence of a new trend/direction.
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Nifty bull vs bear tug of war at the hitherto mentioned trendline
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Today i.e.05.10.2017(Thu) Nifty's day high/momentary resistance came at the 50MA Daily, but the day's low zone of 9880/90 was tested twice, pertinent to note that this is the 50EMA Daily. An observation of the hourly chart indicates that nifty failed to crossover 200EMA hourly twice i.e. late yesterday and early today. It's still trading below the cardinal upward sloping support trendline(thick Black) that was breached on the downside on 25/09
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Trader folks be careful at 9980/90 levels
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Nifty at a very crucial level, longterm black trendline + 61.8% fibo level of fall from 19/09/17 to 28/09/17+ 20MADAILY
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A doji at crucial level as hitherto mentioned, signals indecision. Stay cautious
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TWO back 2 back dojis on daily chart, indicates gross indecision, traders who r long keep strict sl's.