Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, December 23, 2010

Reigning the Nifty - 23rd December 2010

Daily Chart

Daile EMA Chart

Half Hourly Chart

The wedge breakout was maintained by Nifty  but resisted at  the 50% fibo level of the fall from 6338. The Nifty has once again moved below the uptrendline from the May lows at 4786 which was scaled yesterday.

The 5,10,20 & 50 dema giving solid support around 5945-5962. This level also has some fibonacci retracement supports.A fall below this level will weaken the Nifty to seek lower levels once again.

The uptrendline from  5721 has supports at 5956-5982.  Break down could lead to a retest of 5721.

Supports at 5958-5910-5872-5835.  Resistance at 6000-6023-6070

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Happy Trading !!
Lakshmi Ramachandran

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