Saturday, June 29, 2013

Nifty P&F (Wk 0107-0507) - resistance 5890 / 5980, long cautious till 6000

Recap:

Reversed 1 point above 5540.

Weekly Analysis:

Daily Analysis:

Summary

Weekly paused, Daily Up. In Daily chart, an important zone of resistance BrRL & 50%Fib @5890 level. If it breaks past 5890 level next resistance will be again 2 BrRL & 62%Fib @5980 level.

One needs to be extremely cautious when long still 6000 is captured past.