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Wednesday, December 8, 2010

Reigning The Nifty - 8th December, 2010

 Daily Chart

Half Hourly Chart

The reaction from the 50% retracement level of the fall from 6338 to 5690 continued and the Nifty made a lower high lower low candle. The lower trendline of the bear flag/ rising wedge shown on the half hourly chart yesterday was broken twice intraday but the day's close has manged to close within  it . The close was below the 20 dema.Breadth was very negative.

The daily stochastics has given a sell in the overbought region increasing chances of more downsides.Rsi 14 has turned down from the 50 levels showing weakness. The Macd is in buy but below the zero levels.

Good support of the 50,10 and 5 dema at 5956-5970 levels. The Nifty needs to hold the 5975 levels to stay above the uptrendline from low of 5690.

Resistance is at 6005-6020-6040.

Happy Trading !!
Lakshmi Ramachandran

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