Daily Chart
Daily Chart II
Nifty finally broke above the 5740 level and closed above it.The next target is 5944 which is the 79.4% retracement level and April 2011 peak.
The rising wedge
formed is a bearish pattern and the Nifty will soon fall below it's support line which is too sharp to be comfortable about the upmove continuing. Stochastics and Rsi14 too have not moved above their recent highs which supports this view.
OBV though continues to make higher highs indicating strength behind the upmove.
Nifty has closed above 5740 with good strength and increased volumes indicating the upmove may continue. The Nifty may thus go into a sideways to shallow downmove in case the rising wedge gives way to a correction.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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