Nifty Technical Analysis For 7th Sep 09

Nifty Intraday Chart - 5 mins:

Nifty formed a Flag and pole pattern in price pattern. It zoomed up with spiking volumes, but volumes were not declining while it is forming flag pattern. If 4700 is taken out with confirming volumes, then the target is 4740 levels one must trade with caution as volumes are not draining in the formation of flag.

Those who are already long from Friday may use trailing stop loss for the target.

Nifty Chart - Daily:

Nifty formed a bullish bar with low volumes, indicating the move with less effort. Nifty has to gain some more volumes to hold the strength and break through the resistance.

Nifty Chart - Hourly:

On the higher side if Nifty breaks 4700 levels with confirming volumes then it may go up to 4740 levels. Above which 4760 is the next resistance.

On the lower side Nifty formed a good support at 4645-4660 levels. below which it may reach up to 4582 levels.