Nifty for 01 Dec 06

These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.

The Bull Run remains intact. A new high has been maintained.

A convincing support now lies at the support zone marked out on the chart. The breakout was tested on the resistance zone and has successfully maintained its upward move.

This break also has more significance, because it has occurred on a weekend. Normally, on weekends, traders close their positions. This suggests that bears are still on the back foot, and this move is re-enforcing the might of the bulls.
According to the short term triangle break, we can expect a target of 4120.

Let us see how the next week pans out.