Reigning The Nifty 2nd September 2011

Monthly Chart

With the low of 5177 finally broken on increased volumes, the intermediate term dow sell signal has been triggered. A monthly close above the lower high of 5944 is needed to shake off the bear hug.

 Daily Chart

Bullish followup with a gap up opening. The gap left unfilled at 5331-5229 and the 50% fibo retracement of fall from 5740 to 4720 is around 5230-5235 which will be strong resistance area.
Resistance now at 5112-5230  Supports at 4947-4904.

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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com