Today was a bullish follow up to yesterday's higher high higher low candle which had shown signs of stemming the selling. The candle though could not give a decisive breakout from the array of down trendlines, now providing resistance at 5481-5494-5503. The 50 dema is at 5539 and 200 dema at 5584. Breadth was marginally positive. The breadth amongst the Nifty shares was 6:1 which shows only the frontline shares are participating in the upmove.Breadth and volumes need to improve to give support to the upmove.
Half Hourly Chart
Bullishness prevailed from open till the close.A series of resistances to be broken to succeed in confirming the double bottom at 5510-5535-5563-5608. Supports on the short term uptrendline is at 5445-5485 for the day.
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