end of day analysis for 6th feb,2009

NIFTY INTRADAY 30 MINUTE CHART SHOWING HEAD & SHOULDER TARGET

NIFTY DAILY

nifty finally managed to breakout of the range of the last few days and closed above the high of 2880 made on 30th january at 2920. the range breakout 2755-2880 of 125 points gives an immediate target of 3006. the breakout from the inverted head and shoulder pattern neckline gives a target of 3104.

resistances for tomorrow are at 2970 which is the 61.8% retracement level of fall from 3147 to 2661. 80% retracement levels are at 3050. resistance of the equilateral triangle as shown in the graph is at 3080. on further rise, partial profits may be taken on longs as the oscillators are moving towards overbought zone on intra day charts .