Daily Chart
Support once again at the 5967 levels. If it continues to hold then Nifty could resume the rally. A break of support could give a fall upto5650. A short term lower high is already in place at 6151.A close below the short term low of 5966 will signal a sell for the short term. Activity within the falling wedge, shown in red, can take the Nifty down to 5858. Resistance will be at 6077.
The 38.2% fibo level of rise from 5350 is at 5926, 50% @ 5816 and 61.8% @ 5708. The 50 dema is at 5895. Watch if Nifty takes support at any of these levels to consider a buy on dip strategy.
In case the uptrend continues longs can be initiated on a breakout from the falling wedge. Wait for a cross of the 6284 high to be crossed before going aggresively long.Shorts best avoided till the break of 5350.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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