TARGET 5275 IN NIFTY IN SHORT TERM

Hi all

In this week nifty gives a fresh breakout ,it gives two day close above breakout so breakout is sustainable.But as we see the daily graph of nifty ,a harami candle formation on 11-6-2009,it appears after a sharp run up & it means short term market correction.Macd is also in -ve divergence shows weakness in short term.RSI came out to the over bought zone this is also indicate a short term weakness in nifty.

In the weekly chart shows strength ,macd is bullish which is favour in bulls

RSI is in over bought zone .Over all weekly chart gives a target of 5275 in nifty in short term.

In monthly chart ,i can't see normally but one thing i can see in this week Macd bullish moving average crossover (see monthly chart in circle).RSI cross the center line now at 57.This is also a positive signal for bulls.

In yearly chart nothing new.

Over all seeing these charts i think very short term weakness in nifty ,after a correction it start a journey for new high.So investor should buy on dips in front lines ,traders go with the trends.