Weekly candle shows profit booking at higher levels.OBV on weekly and daily charts however has moved up and broken above it's February 2012 high showing a strong uptrend.Weekly oscillators continue to show strength.5944-5953 remains strong resistance as pointed out on the weekly chart.
An "outside day" formed on daily charts could be signalling a reversal.An outside day is when the day's candle completely encompasses the previous day's candle. It must have a higher high than the previous day and a lower low than the previous day.The big range of the outside day and the previous day conveys more emphatically that a trend change may be round the corner.Daily charts show a break from the rising wedge which could lead to a pullback.The rising wedge target is around 5200.But Nifty has two gaps within this one at 5435-5527 and 5238-5309.A breach of the first gap will ring alarm bells.Till it holds the uptrend is safe.
Half hourly charts show 5515 as a fibonacci cluster area.This coincides with the gap support at 5527 making the area strong support.
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