Wednesday, January 6, 2010

Range breakout and a strong up move for the day ?!


It was almost a repeat pattern yesterday where the markets opened stronger and sustained the up move throughout.

Given the scenario that the upperband is tested multiple times, there is a possibility of a very strong breakout on the upside and Nifty can even test 5385 levels in the very near term.

Yesterday's volumes were also the highest in a month pointing to a better possibility of an upside breakout.

Resistance levels : 5295, 5324, 5365


Support levels : 5270, 5248, 5225



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Happy Trading
www.tripleint.com

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