Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, December 1, 2010

Reigning The Nifty - 1st December, 2010

 Daily Chart

Half Hourly Chart

Today's session was bullish-- higher high higher low, breakout from the downtrendline and neckline of the bearish head and shoulder pattern, good positive breadth and high volumes and a close above the 23.6% retracement level of the fall from 6338 to 5690. There was an intraday rise of 125 points.This gives confidence to the bulls.

Resistance from the uptrendline from June 2010 lows of 4678 is at 5876. The 38.2% retracement level of fall from 6338-5690 is at 5939. Earlier strong support was at 5937 which makes this level significant resistance.Earlier minor top is at 5907 . At 5966 is the 50dema and 5975 the 20 dema. Thus the 5900-5975 will be strong resistance.

Support at  5845-5816-5791-5867.Neckline support at 5826.

Happy Trading !!
Lakshmi Ramachandran

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