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Om  Sri  Ganeshaya  Namaha
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Friday, November 26, 2010

Reigning The Nifty - 26th November, 2010

 Daily Chart

Half Hourly Chart

Follow up selling led to a break of the neckline giving a target of 5425. The breadth was extremely negative and volumes very heavy.The green dotted uptrendline from lows of 4786 was also broken.The downward sloping neckline is more bearish than a horizontal neckline as it indicates lower lows .The fall is well channeled as shown on the half hourly chart.

Supports are no at 5730 the 61.8% fibo level of rise from 5350-6338  and  at 5650 on the red trendline joining tops from January 2010.Up trendline from March 2009 lows on daily charts has support at 5790.Weekly support at 5707 on the up trendline from March 2009 lows will be a crucial decider of the medium term trend.

Resistance at  5845-5840 on the neckline and 5910-5875 on the upper trendline of the downtrending channel.


Happy Trading !!
Lakshmi Ramachandran

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