Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, December 15, 2010

Reigning The Nifty - 15th December, 2010

 Daily Chart

Another volatile session keeping the intraday traders guessing about the direction.The resistance of 38.2% fibo level of the fall from 6338-5690 has been surpassed and closed above it.The 61.8% fibo of fall from 6070-5721 has also been scaled  opening the possibility of a retest of the 6070 high.The last two days action is not too convincing about the resumption of the uptrend. Resistance from the green dotted uptrendline is at 5957 and from the downtrendline drawn from 6338 is at 5970.

 Daily Line Chart

The line charts show a bullish breakout from the falling wedge. Target would be 6466.A lot of hurdles on the path at 5966-6011-6032-6098.These resistances are on the line chart.A double bottom target of around 6300 would come up in case 6011 is scaled comfortably.

 Supports are at  5880-5765.

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Happy Trading !!
Lakshmi Ramachandran

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