During the year 2012, so far, Nifty formed 2 triangle patterns and broke upside. First break happened around June 10th at 5050 (1 circle) and Nifty reached high of 5350 around July 10th. 2nd Break happened around 6th August at 5285 (2 circle) and Nifty reached a high of 5450 around 21st August. Now Nifty coming back to the 2nd Triangle's upper line (Circle 3) which is around 5210-20 area. If Nifty succeed to take support here and bounce the target may be near 5555. If Nifty fail at 5210, immediate next support placed at 5190 the lower line of the 2nd triangle. A break below 5190 will have next target placed at 5000. If Nifty break below 5190 then 1st Triangle's lower line and 2nd triangle's upper line will become 3rd triangle and in that case Nifty may struggle to go beyond 5250 or recent high near 5450. So from current level (5230) every 10points move has its significance. Cautiously optimistic above 5210 and -ve below 5190.
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