November 8, 2010

NIFTY daily chart analysis

  • Nifty daily chart with broadening top pattern.
  • 6284 is an important area. If nifty closes below this region today that may give a correction. Below 6284 nifty has support at 6235 and 6188.
  • Friday's price action also shows a breakout of a range above 6284. So if nifty closes below 6284 that will be negative.
  • Price closing above 6284 and if it closes into friday's price action that will favour bulls again.

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