Nifty Intraday Technical Analysis for 28th Jul 09

Nifty Intraday Chart - 5 mins:

Nifty formed a Symmetric triangle as I have mentioned in the morning post. It took support from the 4540 levels and moved up. It broke the resistance line of the symmetric triangle with not so good volumes and the spread of the bar was not convincing.

Nifty formed a good Gartley pattern near the resistance levels. BC projection was 127% and AB is perfectly equal to CD. As the resistance line is falling with the convergence level at 4608 levels, it became very stiff resistance. Reversal at this point was a good trade as risk/reward was very fantastically low. Booked 75% of my intraday holdings at the ABCD target. Gartley targets yet to reach, holding 25% for Gartley targets. All in all good day every thing went according to plan, support and resistances worked very well.