Reigning The Nifty 29th November 2012

Daily Chart

Daily Chart

Half Hourly Chart

Nifty gapped above the earlier Island gap and surpassed the 76.8% retracement at 5722 very easily on good volumes.The inveretd head and shoulder pattern shown on half hourly charts has a target of around 5750 which coincides with the downtrendline level drawn from 5815 through 5777 at 5755.This should be the next resistance to be watched. Breakout will indicate that the uptrend could be resuming.The final confirmation will come once the Nifty closes above 5815 on good volumes.

The bullish candle on 27th on high volumes is encouraging an upward breakout.

First sign of weakness will be a close below 5593.

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Happy Trading !!
 
Lakshmi Ramachandran
www.vipreetsafetrading.com