Weekly Chart II
- A bullish hammer on weekly charts conforming to the physical features perfectly -- Small real body at the upper trading range, long lower shadow at least twice the length of the body, little or no upper shadow, occured in a downtrend.
- The hammer occuring at good support -- on the red trendline on chart II - 5330 held ( refer my weekly post of 14th May http://vipreetinvestments.blogspot.com/2011/05/reigning-nifty-weekly-update-14th-may.html ), makes the bullishness more convincing.
- 100 wema support respected once again , earlier supported when Nifty fell to 5177.
- Follow up buying, forming a white candle for the coming week, required to confirm the bullishness.
- The 5300 level is strong support and a crucial level to be held as shown on the charts.Only a break below this level will bring in panic.
One could be cautiously optimistic with a stop of 5300. Hurdles at 5582-5640-5710.
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