Daily Chart
Nifty continued to march up without much hesitation on good volumes almost reaching the target of 5872. The breadth once again was not supporting. Negative divergences have disappeared and the Rsi 14 and Stochastics are in overbought zones.Macd continues to be in negative divergence but is moving up fast and has scaled it's April 2010 peak.
The 5dema, support from up trendline from 5349 and the 23.6% fibonacci retracement level of rise from 5349 coincides at 5750, making it strong support.
Resistance at 5880-5940 and Supports at 5834-5775-5750.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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