Nifty Chart - daily:Nifty formed a narrow range bar with moderate volumes, giving an indication that bulls are not able to push the prices up. As Nifty is near to resistance in the trading zone this may give a pull back. This pull back can be a chance to bulls to gain the momentum to zoom the prises up.
Nifty Intraday Chart - 5 min:In intraday Nifty formed a channel with sustained volumes. Every time when it is making the new high, demand is falling, so the prices. This channel may act as flag to the pole which is formed on 25th Aug 09 with spiking volumes. Break down from this channel may lead the prices to 4582 levels.
Nifty Chart - Hourly:On the higher side Nifty got 3 resistances which I have mentioned in yesterday's
pre-market post. Nifty has to break these 3 resistances
4700 - 4726 - 4742 levels decisively to make new highs.
on the lower side
4655 - 4635 may act as good supports, below which
4612 may act as minor support 4582 would be the target for the breakdown from the channel. Also
4582 is the Gap support below which Nifty may show some weakness.
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