Weekly chart shows a clear break-out from the congestion zone of 5320 - 5520. Heading UP wards the channel resistance 5759. Any DOWN ward movement should be intermediate correction till the channel broken decisively below 5400, which anyway is far below. Therefore, we should stop talking about big fall etc. for the time-being. Trend is decisively UP, as suggested in the last post break of 5540 one should be sitting with long.
Daily Analysis:
Daily chart also indicates channel break on UP side. UP side target looks like the intermediate channel top 3 box above at 5720. DOWN side pullback if any should be restricted in the zone of 5400 - 5420. Getting a chance to re-enter here is very less. However, any zone near it should be very comfortable long.
Hourly Analysis:
Hourly chart has broken UP side resistance level of 5550 convincingly. Facing again an Hourly resistance at 5650 level, can break this level and target the channel top at 5680 - 5690. The red-blue band should be a good consolidation zone to make a further move UP side. A buy at 5550 can keep one on the right side of the market. However, break of this level one should exit and wait to watch the 5420 - 5450 level.
Summary:
Longer time-frames show clear UP side. Hourly has resistance lined up at CMP or 5680 - 5690. A very short-term Short at this point for 100 points. Look-out 5550 for long-term Long.
Belated Happy Ganesh Chaturthi & Eid-Mubarak!
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