Half Hourly Chart
My view for today was, "The 5605 levels is proving a strong support. The low volumes on the fall shows aggressive selling is missing.The doji formed today may be indicating bears giving up. Only if the 5605 level is broken the downtrend will resume".
5605 held well and the Nifty has broken out of the pennant as expected (mentioned in my post http://vipreetinvestments.blogspot.com/2011/07/reigning-nifty-5th-july-2011.html ). Now headed up to test 5706 once again. Failure to cross and close above this level will bring in the bears once again.
The stochastics has turned down giving a sell once again on half hourly charts.Nifty seems to be respecting this with a reaction.Till 5944 is crossed cautious on longs.
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