Half Hourly Chart
As mentioned in my post Midday Nifty today , (http://vipreetinvestments.blogspot.com/2011/06/midday-nifty_29.html), the half hourly charts show a bullish broadening formation with a flat top at 5605. Break above 5605 will be extremely bullish with a target of 6000.The gap up candle today with a close above the 200 dema after yesterday's doji is heartening and shows bull strength indicating the level of 5605 may be crossed.
The key resistance of 5605 though still proves difficult to cross. Half hourly oscillators are showing negative divergence.A pullback could be in the offing.
Till the lower high of 5944 is crossed be cautious on longs.
Support at 5566.
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