August 4, 2011

NIFTY Intraday Update

CHART-IV
  • Nifty has filled a GAP between 5330 - 5348 which was created in June when the up move from 5195 started.
CHART-III
  • Support line of the wedge is broken and price has filled a GAP in chart shown in the above chart.
CHART-II
  • Price continue to remain inside the wedge.
  • Breaking the support line will extend correction. If price gets support here we might see an up move.
CHART-I
  • Nifty spot in a falling wedge like pattern.
  • Breakout above the resistance line can give good up move for bulls.
  • For bears the dotted line and the support line of the wedge should be broken.

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