Nifty Short Term View

Nifty 4hr Chart A rising wedge pattern has appeared on the chart. This is a bearish pattern. On the breakout of the wedge, pattern Index may fall in the short term. Currently, the index is taking support on the lower trend-line and at the same level, there is 20 EMA on the 4hr Chart. RSI and MACD have the (-)ve divergence that shows the weakness in the momentum in the index moment. 11700 TO 11750 will be acting as strong support as the previous resistance was there and 100 EMA on the 4hr chart is at the same level. 38.2% of Fibonacci Retracement is also around the same level(11753). On daily the 50 EMA is around 11706. On the weekly chart, 10 EMA is at around 11732 and on the monthly chart, 5EMA is at around 11707. If the market moves out of this rising channel then this range will be acting as strong support.