Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, September 30, 2010

Reigning The Nifty 30th September , 2010

 Daily Chart

Caution about the bearish indications  yesterday paid off and the bearishness took effect. It was a wide ranging day encompassing the last two days range.Bearish because it  closed below that  range.  The Nifty ended 38 points down, taking support exactly on the green trendline at 5992. The range of 5932-6073 is intact and the lower end is expected to be tested. If broken, expect downward momentum to accelerate and give a 140 point move to 5792. That should coincide approximately with the 38.2% fibo retracement level of rise from 5350 , at 5775.

Resistance at  6001-6018-6026-6038.    Support at 5932-5903-5875-5838.

Happy Trading !!
Lakshmi Ramachandran

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