June 6, 2012
- Nifty getting resisted near 20 Day SMA. Closing above 20 SMA could take nifty towards the top of the range mentioned in the second chart.
- Price is likely to trade in a range as shown in the second chart for sometime.
- Weekly chart shows stochastic continue to remain oversold. If Price does not takeout 5 Week High EMA on closing basis stochastic will continue to remain oversold.
- Price closed at 200 day SMA. For an up move price must sustain above this level.
- Immediate resistance level is the previous support which is 1291.98.
- Falling wedge shown with fibonacci levels for the last fall as resistance levels. Unless a breakout happens price is likely to get resisted near 50% Fib level.