NIFTY Daily Chart Technical Analysis
(Each candlestick represents one daily of stock market activity)
NIFTY has hit its old resistance around 5950, a resistance level it had encountered back in April 2011.
As we can see on the chart, NIFTY is now climbing in a triangle considering its steep support line and its current resistance. The chart denotes lateral movement within the triangle until Feb 2013.
Lets see if that is how it goes.
In case NIFTY breaks the triangle upwards or downwards with increasing volume it would be a good time to take long (on upward break) or short positions (on downward break).
NIFTY Daily Chart Technical Analysis
