Nifty chart pattern made on Tuesday gave some indication that there can be some stoppage in the selling, but the confirmation will mostly depend on the next trading day patter only. Next day in the late hour recovery proved that we might see a pull back on the next day itself. And I am pleased to inform the readers, that the Sensex surged more than 500 points and Nifty rose by 150 points to close above 4600 levels. In the chart we can clearly see that the Nifty had taken good support at 4440 levels and the trendline also. Nifty was trading in between the two-paralled trendline. Nifty took good support at 50 DMA. The IIP data also added to the party. The June Index of Industrial Production (IIP) came in at 7.8% as against 5.4% year on year and 2.7% month on month. Inflation slips to 33 year low at -1.74% for the week.Bears tried it again of Friday. Kept the indices in pressure for most of the day. Nifty closed down at 4569.after hitting an intraday high & low of 4619 & 4559. As mentioned in my last article, that the selling pressure will come to an end in the next week and Nifty has a good support at 4440 levels. Nifty will still continue to have its support at 4440. Till the time Nifty trades below that, traders can take risk and trade. This time if Nifty closes above 4650, then we might see new highs in Nifty that was made in Aug month.
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