Daily Chart II
Bullish efforts led to a higher high and higher low being made. The high was just higher by 5 points but the low was a good 64 points higher.The close was above the uptrendline from March 2009 lows which was violated on Friday.Breadth improved considerably but volumes were not too impressive.
Nifty hit resistance at the neckline, the 5 dema and the 23.6% retracement of the fall from 6338 at 5843. Tough resistance ! Needs to trade above 5832, which is the resistance from the neckline of the bearish head and shoulder pattern, tomorrow to encourage positive efforts.The down trend line shown on Chart II has resistance at 5818. A break above this trendline would lead to some upward momentum.Unless good breath and volumes accompany the rise, it will be suspect.
Resistance at 5831-5866-5910 Support at 5818-5806-5785-5765.
Happy Trading !!