Daily Chart
A bullish engulfing candle closing above the red trendlineand the downward sloping trendline.. A lot of resistances overhead , as marked on the chart.The 5,10 and 20 dema are bullishly aligned. Breadth was only marginally positive but volumes were higher than the past six days. This indicates broader market participation was missing.
Half Hourly Chart
If 5563 is crossed then a double bottom at 5408 gets confirmed with a target of 5618. This would in turn confirm the double bottom made at 5177-5232 giving a move of around 350 points. If 5408 breaks then the double top at 5599 - 5608 will come into contention.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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