August 23, 2010

Nifty technical analysis

NIFTY WEEKLY CHART
NIFTY DAILY CHART
NIFTY DAILY CHART

  • Nifty has broken out last week from the trading range of 5349 - 5492.
  • Now if 5486 is held on closing basis the immediate target would be 5600 and above.
  • Nifty is moving in a weekly channel. Channel resistance for next week is coming around 5600.
  • Nifty has closed above 5 day high ema for the 3rd day in a row. 
  • One can stay long as long as 5486 is held on closing basis.
  • DOW JONES ANALYSIS AFTER CLOSING BELL

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