NSE Nifty Future opened gap-up today in accordance with global markets and we witnessed one more fierce rally (considering last two days). Here I present my views based on Hourly and Daily charts.
Hourly Chart of Nifty Future
Looking at the hourly chart, we see Nifty Future rushing above 55 Period EMA and remaining above that. The trend according to Moving Average sequence is still bearish on hourly chart as 34 EMA is below 55 EMA, however, the price is above these. The past two days of drama in global markets haven't still managed to turn the tide. In my view, Nifty Future is still below a major resistance on hourly chart - the 200 Period SMA about at 4350.
Daily Chart of Nifty Future
Looking at the daily chart, Nifty Future today closed just below 34 EMA which is below 55 EMA which means it is still in Down Trend. The interesting thing is 55 EMA on Daily is where 200 SMA on Hourly Chart is - 4350. For tomorrow if there is another upswing, 4350 is going to be crucial level. The trendline resistance is way above near 4450 which I don't think will be tested soon.
Looking at Fibonacci numbers, today's close is just at the 61.8% retracement of the down move from 8th Sept high to yesterday's low.
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