Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, December 22, 2010

Reigning the Nifty - 22nd December 2010

Daily Chart

Daily Line Chart

 Half Hourly Chart

The breakout from the  falling wedge on line charts has finally been confirmed by the candle chart today.The target is around the highs of 6338.The close is also above all daily emas which now will give solid support between 5935 to 5952. 

However the earlier peaks at 6070 on candle chart and 6010 on line charts need to be scaled decisively before one gets overtly bullish.The 50% fibo level of fall from 6338 to 5690 on candle charts is at 6013 and 61.8% is at 6090.The same on Line charts is at 6033 and 6100 respectively. Bullishness will gather momentum only after a close above 6100.

A trade above 6000 could  take the Nifty to 6070 and a trade below 6000 could take it to 5935.

Supports are at 5980-5950-5935   and Resistance is at  6033-6070-6090.

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Happy Trading !!
Lakshmi Ramachandran

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