Nifty Technical Analysis For 31st Aug 09

Nifty Chart - Daily:

Nifty closed just below the resistance of the trading range on Friday. In the last upmove, Nifty showed good strenght with high volumes but couldn't succeed taking out this resistance line. Taking the global markets into consideration it may not cross this resistance for today Today.

Nifty Chart - Hourly:

Nifty may gap down going my global market cues. In which case 4700 will be immediate resistance. Nifty has to break the resistance trend line convincingly, Which is at 4745 level to move further highs.

On the lower side 4720 is the 1st support, if Nifty breaks that support it may come down further up to 4660 - 4630 level.