Reigning The Nifty - 26th August , 2010

 Daily Chart 

Another bearish candle following two dojis and a black candle on increased volumes. Today's black candle was certainly not profit booking. Pullbacks were sold into and the fall continued till the close, to close at the lowest point. The 20 dema was support once again.Breadth was bearish.

Daily Macd is once again in sell. OBV continues to move down. The uptrendline joining May 2010 lows of 4786  and the last swing low of 5372 has been broken. Strong support exists at 5370. The 50 dema is at 5378.

Supports are at  5425-5392-5370     and   Resistance at  5477-5488-5512.

 

Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com