Spot Nifty Chart - Weekly:Spot Nifty retraced exactly to the 61.8& of the total down move from 2008 Jan to Oct.
Spot Nifty Chart - Daily:Spot Nifty managed to cross the Resistance and close anove it, but looking at the chart its clear that we may need some more confirmination in next couple of sessions.
Sensex Chart - Daily:Sensex just closed at the previous pivot high, no breakout here too.
Nifty Chart - Daily:Nifty has broken the resistance of the trading range decisively. But volumes are not confirming the move, also spread of the bar is not good to conform it as a break out. Break out with thrust didn't happen, one must be cautious with taking new longs. Nifty may reach the height of the Ascending triangle/Trading range as price pattern in indicating.
Nifty Intaraday Chart - 5 mins:Nifty formed a Flag and Pole pattern on Friday, as I have mentioned in the yesterday's
pre-market Analysis. Nifty moved up exactly the same distance as the previous move, instead of moving from the spiking volumes range. The above chart is marked with the Flag and Pole continuation pattern with distance measurement. Trailing strategy from the Target 4740(given target) may have given 60 more points in the intraday.
Nifty Chart - Hourly:On the higher side Nifty may take resistance from the
4840 levels. Above which it can reach up to
4890 level.
4920 may act as next immediate resistance.
On the lower side Nifty formed a good number support levels, it may take support from the
4760 levels. Below which it may reach up to
4740 levels. If nifty breaks
4740 levels then bears may come into play.
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