Daily Chart II
The Nifty broke out of the green flag intraday but quietly settled into the flag area at close. The close was exactly on the upper trendline of the flag at 5297.So the whipsaw continues within the flag. the close was marginally above the red trendline from January 2008 highs, so I would not like to call it a breakout.Moreover volumes were much below average and much lower than that of yesterday.
The 5 (in red) and 10 (in blue) demas show the whipsaw , giving a sell , a buy, a sell and then a buy again at end of day today. The 20 dema (in green) has provided good support today too.
Repeat, the range of 5210-5367 is still unbroken. Unless there is a breakout from these levels whipsaws will continue.
Supports are at 5288-5225-5206. Resistance is at 5320-5350-5367.
I am putting up this chart again. If the same pattern is followed then this leg should continue up to make a new top in the rally from March 2009.Trading and closing above 5284 could ensure that.
Happy Trading !!