Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, December 30, 2010

Reigning the Nifty - 30th December 2010

 Daily Chart

Daily Line Chart 

Finally a break above the 50% retracement level (6338-5690)  and a close above the strong resistance of 6010 which I have been showing on Line charts. The double bottom at 5752 and 5766 clearly visible on the line charts gives a target of 6257.The double bottom at 5690-5721 on candle charts will be confirmed only on a close above 6070.The 20 dema has crossed above the 40 dema which is another bullish sign.

Half Hourly Chart

The ongoing  upmove is in channel  and has resistance at 6120-6136  and  support at 6006-6022.

Resistances are many around 6070 to 6144. A cross above  these levels  is required to defeat the bears completely.One can be cautiously optimistic with a stop  of 5980.

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Happy Trading !!
Lakshmi Ramachandran

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