The 50 % retracement level of the November fall at 6014 continues to play spoilsport. The Nifty continues to stay below the green dashed up trend line from 4786.The triangle's upper trendline has resistance at 6044 after redrawing . Support on the uptrendline from 5721 is at 5995. All demas are bullishly aligned now with the 20 moving above the 50 . Supports from the demas are now at 5988-5968-5960.
Daily Line Chart
The 6011 levels is proving strong resistance and only a close above it will give strength to the bulls.To keep the short term uptrend from 5721 intact the 5980 low must not be violated on a closing basis.
Half Hourly Chart
If support from the channels lower trendline at 5975-5991 is violated then fibonacci supports at 5969-5921-5882-5845.
The Nifty is looking weak and probability of correcting the recent rise is high. Positional longs should have strict stops at 5940.follow me on twitter http://twitter.com/#!/lucksr
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