Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, January 12, 2011

Reigning the Nifty - 12th January 2011



Daily Chart



The  candle for the day is an  indecisive doji with a long upper and lower shadow showing neither bulls nor the bears were able to dominate.Support   taken on the trendline joining tops from June 2010 at 5700.This is significant as this is the trendline from which Nifty  brokeout from almost a 12 month consolidation. Holding this low will be bullish.OBV however continues to move down rapidly.Oscillators still look weak though fast reaching oversold levels.


Daily Chart II




The 5735-5745 area on Line charts is significant support with fibo levels coinciding as shown on the charts.Support held would therefore be bullish and if broken then more fall to come.

Resistance at 5812-5884- 5940-5995. Support at  5702-5637.




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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com

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