Nifty Technical Analysis For 29th Jul 09

Nifty Intraday Chart - 5 min:

Nifty formed a bearish Gartley pattern from 27th July, first target for this pattern is 4544 levels and the Second target is at 4505 levels. But the support line of the Symmetric triangle must be broken initially which I have posted on 27th July.

Nifty Chart - Hourly:

On the higher side 4610 may act as good resistance now, it must be broken with good volumes to resume the up move again. Also Spot Nifty Channel resistance line must be broken to strengthen the bulls. If Nifty breaks 4610 levels decisively then it may move up to 4640 levels, above which it may reach 4680 levels.

On the lower side support line of the triangle may give initial support which is at 4550 levels. 4527 may act as minor support, below which Nifty may move down to 4505 levels. If Support line of the channel in the spot Nifty is broken decisively, then we may see bearishness in next few days.