Weekly chart shows that nifty is still trading within the triangle and faced resistance at down trending line around 5700 last week.
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| NIFTY WEEKLY |
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On daily chart last two days formed doji pattern due to uncertainty in debt deal in USA which is likely to be resolved on 2Aug., will this give further direction? If support of 5400-5430 is broken possibility of filling unfilled gap near 5330 increases or there may be retest of recent low 5195 (20 jun 11). If holds 5400 possibility of retesting 5550-5600.
ALWAYS KEEP POSSIBILITY OF ALTERNATE VIEW WHENEVER IT LOOKS LIKE. NIFTY IS TRADING IN TIGHT RANGE AND NEARING THE APEX OF TRIANGLE, SO IT MAY GO UP OR DOWN AND SINCE IT IS NEARING APEX CLEAR DIRECTION WILL B RESOLVED IN NEXT 3-4 WEEKS.
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| NIFTY DAILY |
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