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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Lakshmi Ramachandran
www.vipreetsafetrading.com
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