Reigning The Nifty - 24th September, 2010

Daily Chart

 Half Hourly Chart

A lower top lower low candle on very low volumes and marginally negative breadth at 1:1.15.The break below yesterday's low did not last long. Support came in at the uptrendline from lows of 5349.All this points at hesitant profit taking by nervous bulls rather than selling by aggressive bears.

Half hourly charts show a  falling wedge which is a bullish pattern. Breakout from this pattern will lead to a resumption of the bull run.

Good support exists at 5930-5875.  Resistance at 5975-6006-6037.

Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com