Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Friday, December 24, 2010

Reigning the Nifty - 24th December 2010

Daily Chart

Half Hourly Chart

A sideways market in an extremely narrow range forming an "Inside day" vividly shown on half hourly charts as an equilateral triangle.A breakout of this triangle and from yesterday's range 6024-5958 will set further direction.The uptrendline from 5721 shown on daily charts, has been broken. This increases the probability of breaking the inside day range on the downside.

I have redrawn the triangle shown in red dashed lines on daily charts. Resistance is at 6019.

The daily emas seem to be doing a good job of giving support around the 5950-5966 range.Other supports are at 5958-5940-5920.  Resistance is at 5994-6006-6019-6024.

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: