Weekly Chart
Nifty is in an uptrend and is moving within a rising
wedge which is by character a bearish pattern. The fourth leg up seems
to be in progress which has the capability to move towards the wedge's
resistance line at 6246 for the coming week.It will face strong
resistance at the 5944-5971 levels as pointed out in the above weekly
chart. It has shown the initial signs of a pullback.Strong supports
exist at 5815-5818-5816. Bounce from these levels will be a positive for
the bulls and Nifty may attempt to cross the 5971-6112 highs.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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