Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, October 10, 2010

Reigning The Nifty 11th October , 2010

 Weekly Chart

First black candle after five weeks of Bullishness.The volumes were low and higher high higher low maintained which keeps the uptrend intact. However, the candle being a near doji  flashes an alert of a possible change in sentiment.Nifty needs to sustain above 6134 to stay within the uptrendline  from 5349 lows.

 Daily Chart

Daily Chart shows a break below the uptrendline.However support has been taken around the previous high of 6073. A break of this support should take it staraight to 5932 with a possible support at 5963.Oscillators are moving down after showing negative divergence and Macd is now in sell mode.A fall below 5932 is required to to turn the short term bearish, and a fall below 5349 to turn the medium term bearish.

Supports are at  6045-6025-6008. Resistance at 6128-6148-6164.

Happy Trading !!
Lakshmi Ramachandran


manu said...

"fall below 5349" need some correction

Lakshmi Ramachandran said...

5349 is the low made on August 31st 2010.