Daily Chart
A good upmove with gap up opening.
The gap was filled after which it was
almost one way up.The Nifty has stopped exactly at the neckline of the bullish
inverted head and shoulder pattern which is forming.The left shoulder is
not too perfectly formed but does show distribution.A move above 5353 will be a
breakout with bullish implications.
The move has been sharp as shown by
the uptrendline on half hourly charts.This makes it vulnerable to a pullback. Gap
support at 5261-5216 where also the 50% and 61.8% retracement levels lie
-- shown on chart above -- should prove good support. The uptrendline
shown on daily charts too has support at
5226.
Half Hourly Chart
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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