Half Houly Chart
Nifty is seen whipsawing around the resistance line of the rising wedge.A spinning top was formed showing indecision.5839 is still held and that is the level we need to watch for further direction. If holds Nifty can continue to move up to 5965-6050 levels and if breaks then a downmove till 5700 is possible.This has already been explained in the Newsletter yesterday and shown on the half hourly chart.
Half hourly chart shows today's action making a minor resistance at 5886.A move above this will be the first sign of the upmove resuming.Nifty has broken below the short term uptrendline indicating the neckline at 5839 may be in danger of breaking down.
Happy Trading !!