NIFTY For the week of 4-Dec-2007

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From the 15-min chart, its clear that NIFTY broke the symmetrical triangle in last couple of days. But the upward thrust given by this break-out seems to be over and NIFTY is in the mood of short term rest. This is a strong resistance at 5780 level and two times NIFTY failed in breaching this. Even if NIFTY breaches this level there is another strong resistance at 5835. If this level is broken then NIFTY can see 5900+.

On the down side NIFTY has good support at 5700 and 5650.

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