May 30, 2014

NIFTY weekly and monthly chart

Weekly charts: show selling at higher levels and inability of markets to cross the election results weekly high. Note strong support at 6640.

Monthly charts: trend is up with support at 6640. Current candlestick shows selling at higher levels as evidenced by upper tail.

This month, close near 6640 will indicate problems for the market.

Note very strong resistance at 6260.

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