As i had already written that nifty will try to kiss 5310-5330,( yesterday it kissed 5309.95 and today first kissed 5331) and above that will only show power above 5360 levels.
Today it tried to cross 5360 levels but could not sustain and fell towards the end.Look in the chart where nifty closed exactly. This line i told you all that is the breakout line, closing above this 2-3 days will take nifty towards 5450-5500.
Now support exits at 5290-50-20
Resistance at 5365-5402-5429
Keep following levels, For those who are reading it for first time, kindly see the detailed analysis here:
here are the daily charts for 07/08/2012 and 08/08/2012, look at the spot where nifty took resistance, now if you follow levels, you can't say you don't know where nifty is going.
As always i am telling that try to focus on larger picture and ignore 10-15 min volatility trading. Have faith in your trading style.
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| 08.08.2012 |
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| 07.08.2012 |
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