(2) Nifty Chart For 03/08/2009 ::

Nifty :: Sensex already given breakout of Inverted H&S pattern and Nifty made an belt hold line body gap up bullish candle.. Still required breakout of bullish Inverted Head and shoulder pattern and close above it with volume.. Once Nifty break this neckline and cross 4788 (61% of entire fall) with volume then next Y of C leg up move target set in between 5100 to 6100.. Till then wait, and watch 61% of Sensex 16045 and in Nifty 4788.. Volume is most important factor in corrective up move bullish pattern.. If volume didn’t give support then again we see huge correction from higher level.. And that’s why be cautious at higher level.. Avoid buy at high and give long commitment only after conformation..
For 3rd August our strategy up to 4700 sell at high (S.L 4788) buy in deep (S.L 4546).. Momentum is up so cover your short fast and use strictly stop loss in shorting.. Resistance for up move at 4668/4700/4737/4747/4758/4788.. Supports at 4580/4570/4546..