Reigning The Nifty 25th June 2012

 Weekly Chart

The positives about the week's move was that selling was aborted after taking support at the downtrendline from 5629. The long lower shadow shows buying at support.The higher high higher low was maintained too.
The negatives -- The resistance around the 100 dema and the 50 % retracement level of fall from 5629 to 4770, forming a small black  body making the candle resemble a hanging man is bearish.Close was below the 40 and 100 dema.
Oscillators support some more upside.Trade above 5000 will be bullish.

Weekly Chart

Daily Chart

An Inside day pattern on daily charts.( Read about Inside Day here -- http://vipreetinvestments.blogspot.com/2009/03/inside-day.html  ). The trade is to be taken on the break of the range of day one- that is 21st June , whether upside or down. For the nifty the levels for thursday are at 5170 on upside and 5093 on the downside. So wait for the breakout to occur and trade accordingly.
Have redrawn the rising wedge support linewhich has support now at 5114.The 200 dema stands at 5147 and only a decisive close above this will bring in more bulls.Oscillators are in neutral zone and have moved sideways in line with the Nifty thus not offering much insight into the future.The chart below will be helpful to decide action for Monday.



 Daily Chart

 Half Hourly Chart

Above chart shows supports at 5103-5125 for the day and chart below shows the need to cross the strong resistance of 5190-5195 for further upmove.

Half Hourly Chart

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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com