The Nifty weekly closing was bullish. The resistance of 3511-3517 since three weeks was overcome and close is well above it. Both the 50 and 200 wema have been scaled. The weekly MACD has crossed above the zero line which is a bullish signal. So the intermediate trend is bullish. The RSI (14) shows there is room for more upside.
On the daily charts the 200 and 20 dema have shown a golden cross . This makes the short term bullish too. The range of the Inside Day has been broken only intra day.the channel drawn on the daily charts shows a target of 4000 and above if the channel is maintained. Support of the channel is at 3530-3553-3585-3598-3624 for 11th May to 15th May 2009.
Half hourly charts show that nifty has taken support on the trend line drawn from bottom of 2539. The support for 11th are at 3603-3630. If breaks this support then we have support on the new channel drawn in red at 3451-3465. If crosses 3717 on upside then resistance is at 3756-3771 of the new rising channel.
Election result week so could have a lot of volatility. If not a savvy trader, stay out.
In my weekly analysis of 6th April, 2009 I had given a channel target of 4820. You can see the chart at http://vipreetinvestments.blogspot.com/2009_04_01_archive.html . Let's see if we make it!!
Happy Trading !!