Weekly Chart
Weekly Charts have continued the downtrend with a lower high lower low candle . The uptrendline from 2009 lows was violated intraweek but the huge bullish candle on the last day of the week helped a close above it.Support on this trendline now comes at 10899.Crucial support at 9642 from where the next leg up can start for the flag pattern to take shape.The 38.2% retracement level of rise from 2009 low is around 9500.
Daily Chart
False breakout below the uptrendline from 10017 low . Friday's huge bullish candle has occured at oversold levels.So one needs to be careful as it may be a corrective move. Retraced 38.2% of fall from 11978. Resistance now at 50%-11330 and 61.8%-11478.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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