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