Nifty Technical Analysis For 15th Sep 09

Update at 1:06 PM:

Exited all at 4885. Nifty is forming like a Flag and pole will enter at the breakout.

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Update at 10.25 AM:

Booked 75% profits of swing trade here at 4866, and keeping trailing stop loss for the remaining. Nifty almost reached the target of 4868 level.

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Nifty Chart - Daily:

Nifty moved in a very narrow range yesterday with low volumes, indicating that bears were not able to sustain. Also it formed an Inside Bar(with small error).

Nifty Intraday Chart - 5 min:

Nifty formed a narrow range channel and gave a break out after consolidating for almost a day. Target for this channel is 4842, which is almost reached yesterday itself. But I am expecting this move up to the next resistance level of 4855 and then 4868.

Nifty Chart - Hourly:

On the higher side Nifty has 3 levels of resistances in the narrow range, and they are 4842 - 4852 - 4868.

On the lower side Nifty has a good support at 4785 level, below which it may go up to 4753 level. 4740 is the next support for Nifty below which bears may gain some more strength.