Daily Chart
A gap up open keeping with the bullishness of this rally. The 61.8% retracement of fall from 6181 to 5177 was retraced successfully and some profit booking prevented a close above it.
Half Hourly Chart
As can be seen on the chart above resistances of 5800-5840-5874 if taken out the reaching the target of 6000 will be a cake walk.
Half Hourly Chart II
A rising wedge may be forming as shown on chart II . Resistance is at 5824-5829 which will have to be taken out to negate the bearishness of the wedge. Support at 5721-5731 and 5673-5712 as marked on the chart.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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