mkt ahead 24th aug 2009...

as mentioned nifty opened weak on friday and took support again near the imp 4400 lvl to bounce back and reached our given tline resis lvl of 4538, good intraday trading opportunity.

on eod charts its still rangebound in a falling wedge shaped consolidation pattern. supports 4423 and 4348. brkout point on upperside for monday 24th aug 2009 is 4520, crossing 4538 a minor resistance is at 4558 and major ones at 4600 and 4620.

if confirmed and decisive closing basis brkout takes place from upper or lower limits(4520/4348) then tgts from this consolidation may be of magnitudes 215/266/360 points.


here's another angle: brkout from ascending triangle on intraday nifty chart.



mkt likely to open in the green.