Reigning The Nifty 30th November 2012

Daily Chart

 

Half Hourly Chart

 

Nifty broke above the earlier high of 5815 on extremely good volumes.The recovery of the fall from 5815 to 5548 was made in a very short time of 7 days whereas the fall took 30 days. This is a bullish indication and the Nifty is expected to trade higher. 

Since I do not see any pattern we will have to look for earlier peaks as targets.Next peak is the April 2011 peak at 5944.

 Nifty has confirmed the resumption of the uptrend and till any signs of weakness are shown is expected to move up.Stop loss on longs can be at 5623/5548 as per risk profile.

 

 

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Happy Trading !!
 
Lakshmi Ramachandran
www.vipreetsafetrading.com