Daily Chart II
Nifty has made a decisive breakout from the green and blue downtrending lines and the 61.8% fibo level of fall from 5400 to 4786. The breakout is also from the 2 week range of 4961-5148. This gives a target of 5335. The green trendline is the neckline of an inverse head and shoulder, giving a huge target of 5513. Earlier the falling wedge had given a target of 5380.Breadth was good but volumes were not impressive.
A lot of hurdles need to be crossed on the way, the first of it being at 5212 which proved great resistance since last one month.5240 is the upper trendline resistance of the rising channel. 5277 would be the 80% retracement level of fall from 5400 to 4786. Daily line chart shows the importance of a close above 5205 which was the breakdown point .
Supports are close by at 5171-5119-5050 as shown on the chart.
Happy Trading !!