Reigning The Nifty 10th December 2012

Weekly Chart

Nifty hit resistance at the 5944 mark and formed a small bodied candle indicating a breather may be taken after the previous week's remarkable bull candle.Oscillators are showing strength and room for some more upsides.

Daily Chart

Nifty reacted after moving above the hanging man's high but did not have the strength to maintain those levels.The close was below yesterday's close indicating a bearish bias. Friday's candle formed a bearish engulfing pattern but since the previous candle's real body was very small.But having occured after the hanging man bearishness is confirmed.  More weakness would set in if 5839 is broken.

Daily Chart

The daily chart above depicts levels Nifty can target if 5839 is held or broken. 6056 if held and  5637 if broken

Half Hourly Chart

Fibonacci retracement levels are marked on the chart above in case the weakness continues.Support on the support line of the expanding triangle is at 5828-5823 for the day.

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Happy Trading !!
  
Lakshmi Ramachandran
www.vipreetsafetrading.com