Daily Chart
Daily Line Chart
So much for the Chinks in Nifty's armor ! Ha Ha. Nifty moved up, rejuvenated . Yesterday's inside pattern was broken decisively on the upside . Today's candle was huge, breaking out of the triangle and closed just 7 points lower than the close high of this rally at 5486.Volumes were good and breadth marginally positive.Line charts show Nifty once again above the green rising wedge and above the 20 dema.The doji low of 12th August 5372 is now the decider.So stops on longs could be moved to that level.
However the broader range of 5349-5492 still restricts the nifty movement .A move out of this range will be a significant as it is now 4 weeks inside this range.
Resistance at 5492-5502-5530-5550. Support at 5453-5414-5397-5372.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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