Reigning The Nifty 28th November 2011

 Weekly Chart

The all important 4650 levels held on a closing basis though marginally broken intra day. So we hang on to  the long term bullishness till it is broken decisively

Daily Chart

An Inside day was formed indicating  indecision as neither the bears nor bulls could move below or above the previous day's range.It is also a reversal pattern at times.Refer to my post of 23rd November wherein I have pointed this out.Watch for direction above or below the previous days high-4771 or low-4639.Only a move above 4854 can bring in a good pullback.

The support line of the falling channel, which now has support at 4522, should be tested before the next leg up . If fails to test then would amount to 'return failure' which in this case is bullish.
 

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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com