May 7, 2010

Nifty technical analysis for 07th may 2010

NIFTY DAILY CHART(LINE)
  • NIFTY has achieved the target of the descending triangle.
  • 5080 has broken on closing basis and line chart also shows trend line break. which is bearish for short term. 
  • NIFTY may get support at 5000 and 4950.

NIFTY line chart in a channel

NIFTY LINE CHART DAY
  • NIFTY line chart in a channel.
  • Keep it simple. Today morning world markets and reliance verdict will make a lot of noise but in the end if nifty manages to come back and close within this channel bulls will be happy. 
  • Closing outside this channel is bearish.
thank you