Indices
Friday, July 15, 2011
INDICES:NIFTY:
Nifty & sensex both fail to break neckline of bearish H&S on down side. It was sitting at neckline as written on my previous view on 16\06\2011. It strongly bounced back from it. But it’s still trading in the range as per chart attached.
It has upper levels breakout levels around 5741 levels. Sustain above this levels will lead to rally towards at least 6200 in medium term.
It has downward two breakout levels. Level-1 is at 5330 (i.e. - previous trend line) & level-2 is at 5200 (Redrawn trend line). Breach of it will lead to sell off towards at least 4800 in medium term.
Market is trading in the range of 5200-5900 from last 5 months. Breakout from this range in either of side only will lead to strong rally in medium term. One should watch it out these breakout ranges for overall market view.