Daily Chart II
Bullish candle with a gap up opening Breaking above the crucial 5300-5348 levels and above the downtrendline from 5944.The volumes were heavy and breadth positive.This is in confirmation to the bullish pattern as mentioned in my post for the 24th, (You may read it here http://vipreetinvestments.blogspot.com/2011/06/reigning-nifty-24th-june-2011.html ), and the positive divergences shown on the stochastics and macd as shown in chart II.
The 50 and 200 dema continue to be bearishly aligned alerting bulls to be cautiously long as this could be the pullbacks in the downtrend rather than a trend reversal.
Half Hourly Chart
Half hourly charts confirm the bullishness with a close above the 61.8% retracement level of fall from 5605 to 5196. Resistance now at 5605 - 5860.Support at 5410-5370.
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