Nifty Daily ChartExpected a bounce/resumption of uptrend around 4334-4315 levels, but we got it much above that at 4365 ! This indicates money is waiting to get in. Today's action has retraced and closed above 61.8% fibonacci retracement levels of the fall upto 4365. Thus a test of earlier high 4636 is possible.
The half hourly line chart shows the nifty retested breakout level at 4428 and moved up again. This shows that there is strength to take the Nifty to it's target of 4758 shown on the chart and 4428 becomes a strong support and short term reversal point.
Meanwhile a rising wedge has appeared on the Daily charts. It offers resistance at 4656. This may prove a dampner to the upmove. Watchout for support of the wedge at 4393.
Happy Trading !!