Reigning The Nifty 12th November 2012

Weekly Chart

Daily Chart

Half Hourly Chart

Nifty has been in a sideways move since the last seven weeks.This week saw the Nifty making a shooting star which is a bearish pattern.The 5740-5760  resistance has been difficult to maintain and the Nifty broke down to gap support at 5678-5645 as shown on half hourly charts.This is also the 50% fibonacci retracement level of the rise from 5583 low to 5777 and where the 20 day ema is housed.This level also has the support at the uptrendline from 5218 at 5659-5668.This therefore is a strong support.A break of this support will see a test of the 5583 low.

Resistance is marked on half hourly charts.

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Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com