Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, December 8, 2010

Reigning The Nifty - 9th December, 2010

 Daily Chart

Half Hourly Chart

The Nifty once again broke the up trendline from 4786 shown in green dashed line.Breadth was very negative but volumes were low.

The reaction  of the pullback from 5690  from 58% levels seems to have formed  a lower top at 6069  which will be confirmed if the Nifty falls below 5690, turning the medium term  bearish.

The bear flag shown on the half hourly charts was broken decisively today setting a target of 5348 .Supports to cushion such a fall is at 5848-5728-5690. Resistance to any recovery will be at  5923-5952-5973-5995.

Happy Trading !!
Lakshmi Ramachandran

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