Reigning The Nifty 11th June , 2010

  Daily Chart 

Half Hourly Chart

Nifty confirmed the bullishness of the inverted hammer made yesterday with a huge white candle on good breadth and volume.The gap on Nifty futures was filled  increasing chances of the upmove continuing. However  this may be the right shoulder of the bearish head and shoulder forming , which will be negated only when 5138 is scaled.

The low of the hammer  at  4980 , and the earlier low of 4961-4967 are still crucial supports to be held for the upmove to continue. The inverted head and shoulder with the green neckline would then come into focus. Also the double bottom at 4967 will give a target of  180 points once 5138 is crossed. If the support does not hold then the bearish head and shoulder pattern  will play out it's bearishness, giving a move of 180 points.

Breakout from the pink triangle gives a target of 5136.5138 is thus a very important resistance to be crossed.

Support at 5056-5012-4961-4925-4913.

Resistance  at  5138-5212.


Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com