As expected nifty moved up with moderate volumes today, now it is just below the intermediate term resistance zone marked with aqua in below hourly chart of nifty. And also nifty formed descending broadening wedge on top if the break out happens target for this is 3730. As Nifty is quite near to the resistance line of the wedge and the trend line, we may see some down move tomorrow. After the partial pull back price may move up completing the target for the descending broadening wedge.
Wednesday, May 13, 2009
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