The POWER of TECHNICALS !!!! - NIFTY at New High!!!!

Nifty has made an all time high of 6415.25 today. Give it any reason - congress failure-BJP victory etc etc...., Technically Nifty was all set for new Highs - well enough to believe all events are factored in prices.

Nifty has reached the Channel top in Monthly charts:

Nifty has reached the Broadening triangle resistance in weekly charts.

DAY CHARTS: Nifty has developed a Bullish Shark Pattern in Day charts. Moving past the current High, It would be an ABCD pattern woth targets 6550++.

Bullish Shark Pattern

OX - 5701-6343

A - 5973

B - 6415.25 - 113% - 6391 - DONE

Proj for C:

38.2% - 6246

50% - 6194

61.8% - 6141.9

78.6% - 6067

88.6% - 6023

113% - 5915

Moving past 6415.25, it becomes an ABCD pattern with targets for D:

127% - 6442.9

141.4% - 6496.18

161.8% - 6571.66

TRADE	STOPLOSS	REASON FOR Stoploss
bought @ 6240 NS/6285NF on 6/12/2013	EOD close below 6230	Day HEMA/WeekHEMA
Booked out at 6390NS/6420NF