Reigning The Nifty - 10th November, 2010

 Daily Chart

Today was volatile within a small range of  70 points.A lower high and lower low was formed for the second day in a row.

 Half  Hourly Chart

The half hourly chart gives a clearer picture .The last two days fall has formed a bullish flag and today's last half hour candle has given a breakout from this flag.This is very bullish and the Nifty is expected to resume the uptrend.Support was taken exactly at 6243 , the 23.6% retracement levels of rise from 5937 to 6338.

A cross of 6311-6338 is desired to get confirmation. Meanwhile trade light and long with a stop loss of  6200-6151.




Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com