We are witnessing a clear uptrend on shorter term chart in Nifty all the way down from 3906. A closer look at the closing chart is also giving us a fair idea on the action action taking place. Parallel up trending channel is on the way and Ema's are clarifying the shorter term momentum which is clearly up as of now. 2 EMAs, 34 & 89 are holding the momentum up for nifty on the 5 minutes chart as these both are lying @ 4361 and 4321 respectively. So as of now as per the closing sentiment, a couple good close below 4320 (our resistance was @ 4329/40) can bring short term weakness up to 4270 zone (a confluence zone of previous top and lower wall of the channel). On the upside 4421 is the first obstacle, above which it can gather more momentum to proceed towards our previously discussed level 4510-4530 (4512 on above closing chart).
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