Since around a week Market is in an indecisive mode, thanks to budget 2009. If we consider the up move starting from 23rd June low of 4160 to the high of 4440 on 29th June, the move was bumpy and volumes were decreasing while price is moving up, saying out loud that it is a retracement. And the fall after that was with high volumes. But later on Nifty started swinging in a 100 points range with higher volumes. Here one important point to note is the green bar volumes are higher, means that market is trying to push the prices up, but was unable to succeed. On Friday Nifty broke this Resistance level of 4360 with good volumes. On the overall this move is still indicating the weakness until it breaks 4440/4450 levels decisively.
Below is the 30 min chart of Nifty Futures:
On the higher side Nifty still got resistance at 4440/4450 levels, above which it can move up to 4500 levels, which is target for the Expanding Triangle. Here one point to be noted is Expanding triangle resistance is broken with good volumes and the spread of the bar is very good but with out a partial retracement, which indicates a possible pullback ahead.
On the lower side now 4360 levels may give good support, below which it may take support from 4270 levels which is the trend line support. Nifty may see weakness below 4240 levels.
Below is the hourly chart of Nifty Futures:
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