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Friday, January 13, 2012

Nifty bullish momentum.

Weekly chart shows oversold indicators with divergence.

Daily chart . The major pattern working here is the failling wedge which is a bullish pattern mainly. We have broken out of the wedge with increase in volume . Also broken out of the triangle. For the past couple of sessions , Nifty has been consolidating  above 4800. Since 4800 was the breakout level, I dont think Nifty will come down below it in a hurry. Even if it does by a few points I will not be worried because there are good supports below it. Target for this rally should be that RED WOLFE WAVE line . We shouldbe reaching that by March midweek may be. Atleast 5400 is on the cards here. But one step at a time . First target is 5070-5170 region . Where we have seen resistance before.

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