Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, December 2, 2010

Reigning The Nifty - 2nd December, 2010

 Daily Chart

A bullish follow up to yesterday's bullish day on good breadth. Volumes were average.

The resistance of 5937 mentioned yesterday was overcome very easily indicating bulls getting back into action.But the 20 dema at 5973 and 50 dema at 5966 proved resistanceand Nifty stopped exactly around these levels at 5971.The next resistance is at 6015-6020 being the 50% retracement level of the fall and the high of the last bullish candle made during the pullback on 22nd November.

Supports are at 5881-5866-5845-5798.  Resistance at 6015-6020-6090-6144.

Half Hourly Chart

An Inverted head and shoulder in the making? Reaction for the right shoulder required!!

Happy Trading !!
Lakshmi Ramachandran

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