Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, December 29, 2010

Reigning the Nifty - 29th December 2010

 Daily Chart

Today's candle made a lower high and lower low.The 50 % retracement level of the November fall at 6014 continues to play spoilsport. The Nifty continues to stay below the green dashed up trend line from 4786.The triangle's upper trendline has resistance at 6043.50 after redrawing . Support on the uptrendline from 5721 is at 6005. All demas are bullishly aligned . Supports from the demas are now at 5990-5974-5965-5960.Line charts dont show any change as the close was a mere two points lower.

Half Hourly Chart

Half hourly charts have support at 5984-6001 on the uptrendline from 5721.

The Nifty is looking weak and probability of correcting the recent rise is high. Positional longs should have strict stops at 5940.

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Happy Trading !!
Lakshmi Ramachandran

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