Reigning The Nifty 13th August 2012

Weekly Chart 

Daily Chart 

Half Hourly Chart 

Nifty has corrected and taken support at the fibonacci cluster of 5295 and bounced.If holds then we wait for the breakout from 5377 and achieving the channel break target of 5440 and inverse head and shoulder pattern target of 5464 .

Negative divergence on daily Rsi14,Macd and OBV may take the Nifty lower.The huge resistance area of 5342-5379 will be difficult to cross but if successful a good upmove will ensue. Support at the gap 5261-5216.

 Immediate trend deciders will be the breakout from 5032-5377 levels for the week.

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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com