Daily Chart
Half Hourly Chart
Nifty made a gap down open but recovered to close the gap and give a positive close above 5300.The gap at 5261 was marginally touched to 5255 but recovered fast enough to show bullishness exists above that level.The 55 day The green down trendline joining 5630-5348 was held well which now has support at 5250.
The falling channel on half hourly charts has been broken to the upside indicating some recovery to come. Nearly 50 % of the fall has already been recovered which proved good resistance.5345-5352 is strong resistance being the minor high made yesterday and the 50% fibo retracememnt of the fall from 5448.
If the fall resumes support is at 5255-5216-5193.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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