Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, November 2, 2010

Reigning The Nifty - 2nd November, 2010

 Daily Chart

I wrote,"The long legged doji at support of 38.2% fibo level after a fall is however bullish.The selling showed nervous bulls rather than ferocious bears.The fact that a lower low on the line charts has not confirmed  the lower low on candle charts supports this view".

Nifty broke out from the flag with a gap-up !  Now crossing above the previous high of 6151 is important. This is also the 61.8% fibo level of fall from 6284 to 5937 making it strong resistance.

Resistance at 6151-6284 and Support at  6090-6060-6040-5937.

Happy Trading !!
Lakshmi Ramachandran

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