Nifty Intraday Technical Analysis for 27th Jul 09

Nifty Intraday Chart - 5 min:

Nifty opened gap up of 25 points but it cracked down in the opening itself, as it didn't managed to break above the resistance zone. It tried to move up but bulls failed to sustain above the resistance zone.

Nifty gave a good break down for the channel and the support trend line which I mentioned in the morning. After Retesting the channel with low volumes and broke down again to reach the target of the channel which was 4546. It formed a symmetric triangle after reaching the target of the channel, but it didn't give the break out with good volumes. For a trend reversal triangle, the break out volumes are very important which was not visible to take the reversal trade.