Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, December 6, 2010

Reigning The Nifty - 6th December, 2010

 Weekly Chart

Weekly Chart II

 This weeks bullish candle taking support on the uptrendline from March 2009 lows infuses a lot of confidence in the bulls. Breadth improved and Volumes were more than average.The fall was exactly 10% from the high of 6338 and seems to be in line with the corrections in the rally from March 2009. During the rally the stochastic has been a good indicator to show the end of corrections. The stochastic has turned up again and thus keeping in line with the  indications as stated above, we may assume that the correction is over.

Important support 5782 on the trendline from March 2009 lows.

 Daily Chart

The 6020 level is proving stiff resistance since the last two days.  Scaling the 6020-6091-6144 area is important for resumption of the rally.Strong support of the 5,10,20 & 50 ema between 5942-5979.The 6030 is the closing high of  the March 2009 rally and trading above this level will be bullish.

 Half Hourly Chart

Inverse head and shoulders forming. Moving beyond and sustaining above the neckline at 6020 will lead to testing the high of 6338 and beyond.

Support is at  5947-5922-5898-5860   and   Resistance is at  6011-6030-6082-6101.

Happy Trading !!
Lakshmi Ramachandran

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