Nifty Daily Line Chart Showing Immediate Possible Target
The trading was volatile but ended in the positive. On the Daily Line charts Nifty has crossed the recent closing high at 4323. This gives a target of 4537 if the channel support of 4260 is held.
The candle charts have however to cross the previous high of 4509. The channel support on candle charts is at 4290. The Nifty has retraced exactly 61.8% at 4255 , of the fall from 4509 to 4092 and it must trade above this level for further upside to 4509-4537.
The half hourly charts show a clear breakout from the consolidation pattern of last few days.All this points to further upsides. However next week is the 13th week into the rally and a correction could set in with strong supports around 4000-4100 levels. It would pay to hedge your longs without being complacent about the rise.
Supports and Resistance levels are marked on the charts.
Happy Trading !!