Here is my analysis of Nifty Future based on Hourly Chart:
Looking at the above chart, I have following to say:
- The Downtrend Line that was acting as good resistance so far was conquered yesterday and acted as support after that.
- The uptrend line that was broken few days back, can act as resistance now (look at today's close). Nifty Future could not manage to close above it today.
- The Fibonacci resistance of 61.8% retracement of previous fall was also taken out today by strong looking bulls.
- EMA sequence is looking mixed with Nifty Future closing above 200 SMA and 34 EMA above 55 EMA. Also, these three MAs are closer and a big move either side can be expected.