Monday, May 30, 2011

Nifty rallied out of Diagonal pattern as mentioned before!

Nifty Daily

Nifty 120 mins

Nifty 10 mins

We mentioned earlier that, Nifty can rally steeply from here (Current 5400) and move atleast till 5500 over short term. Today's low should be maintained and we will eventually touch 5600!This is exactly what happened and Nifty rallied steeply making a high of 5486.

As seen above the rally looks incomplete and we should continue the uptrend for sometime. Next resistance level above 5500 is 5600 and it is important to observe how prices behave from that resistance zone.

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