On the 30 minutes chart of the Nifty we find that the Nifty found support around the 6150 level trendline, though it stayed below 6150 for about an hour or so. It finally closed the day at stronger levels around 6218. The market going up around closing time is good for the market. But this was not the only good deed that the Nifty has done. It also made a pattern of higher highs, which is marked by the two green arrows. The Nifty should find some resistance at around 6250 and some more at 6350. Its target for the medium term is 6600. In case of weakness, a break below 6140 could take it to 6050.
This pattern of range contraction in this daily chart of Bharti Airtel may soon end. While the volume, the price and the RSI are giving no indication as to which side the prices will break towards, yet a break seems imminent. Such a break with sudden increase in volumes will give an indication about the authentication of the breakout. A break on either side should give a target of Rs.200-250 either side.
Happy Trading!!!
Sunday, January 13, 2008
Newsletter for Jan 14, 2007
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