Reigning The Nifty 26th July 2011

 Daily Chart

 A positive move with the downtrendline from 6338 being broken once again.Support on this trendline is at 5657.5576 should be good support on the redrawn support line of the rising wedge.Test is to see whether the breakout is held this time. Unlike the Bank Nifty the OBV still remains below the downtrendline from the highs made in November 2010.This shows volumes are not keeping up with the move.

OBV 

Half Hourly Chart

Half hourly charts show a breakout from the range made since the last few days with the 5648-5653 levels being strong resistance. Breakout from the range accelerated momentum and the green dotted downtrendline from 5944 was tested but proved too strong to overcome.Now resistance at 5700 5740 to be overcome which will the target 5944 as the 61.8% (of fall from 5944 to 5196) at 5660 too has been overcome.


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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com