Nifty Technical Views For Mon 12th, July'10
On the basis of nifty reports and daily nifty charts we are observing a pattern that resembles a Flag breakout where the prices have closed marginally above the downward slopping trendline of the Flag. Any close above 17,710 / 5,320 levels would confirm a Flag pattern breakout. We maintain our view that in the coming trading session if indices manage to trade convincingly above 17,650 / 5,300levels then we could see upside momentum up to 17,814-17,960 / 5,350-5,400 levels. On the downside 17,530 / 5,242 levels may act support for the day.
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