Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, December 14, 2010

Reigning The Nifty - 14th December, 2010

Daily Chart

Daily Line Chart

The Nifty hit the resistance level of 5915 mentioned yesterday and closed just below it at 5907. As anticipated,  the recovery after the morning sell off  led to a higher high and higher low candle showing recovery attempts.  The recovery created a long lower shadow which is bullish showing buyers at lower levels. The Breadth was positive but  volumes average.

The line chart shows 5901 as a crucial level tomorrow, for a breakout from the bullish falling wedge. Breakout could signal  bullish times ahead.

The red dashed line is now important support at 5728 levels.

Half Hourly Chart

Strong resistance at 5935 which  is the 61.8% level of  6070 - 5721 fall    and   38.2% level  of  6338-5690  fall .It is also the resistance  level from the up trendling channel shown in blue  for  the first half hour.

Resistance at  5935-5947 -  5985 - 6010 - 6070.     Supports at  5870-5840-5817-5795-5728.

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Happy Trading !!
Lakshmi Ramachandran

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