Nifty - Up or Down . . ?

The confusing Friday.
Today's tick on the Candle stick chart look as if we have got the higher bottom on Nifty.



But on the line chart the scene is not the same. Here it is clear that we have a lower bottom on Nifty.
3800 on Nifty can be expected next week

RNRL resistance 2 support . .

While this is a line chart which I usually do not use but my experience with the Moser Baer's case study proved that they are as important hence I also keep my eye on the line charts.

Here it is clear that resistance is becoming support.

By this assumption one can keep SL of 32 for RNRL. While on the whole the script have got good momentum.

Reliance Comunication

Here is also a good example of resistance becoming support.


By this chart we can say that 405~415 will act as a good support and the indications are bullish till the time 410 is broken.

Bihar Sponge (Hi Risk Hi Return)

For a change Bihar stock. Here its a good case of breakout with too much of volumes. Hence you can see the abrupt rise in the On Balance Volume. Also it is good case of resistance becoming support which is again a very bullish sign. StopLoss of 9.8 to be maintained.

A penny stock with buying interest hence has high risk high return profile.

Investment upto 10~15 % of your portfolio only recommended.

I was always Biased against the line charts and preferred Candle stick chart over them. Now learning needs an open mind. So I have started thinking that nothing is perfect hence I tired line chart for this one as I suspected a definite conclusion here.

Line chart is clearly showing resistance becoming support in Moser Baer
while the candle stick chart is creating confusion. While one can also see
that the volumes are healthy on the days when buying was seen.

I am watching this counter for monitoring if my conclusion is correct.