Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, December 1, 2010

Reigning The Nifty - Monthly Uptdate

 Monthly Chart

The November month candle shows indecision as the almost equal upper and lower shadows show selling at higher levels and buying at lower levels.The  bias is  slightly  bearish though, since the candle is black and closed  155 points down. Breadth was very negative but volumes just average.

The fall broke the uptrendline from March lows but recovered to close above it. Level of this trendline for December is at 5910 which will now act as resistance.The blue dotted trendline joining tops since October 2009 has support at 5708.  The lower blue dotted trendline has support at 5134.

Oscillators Roc 12 and Stochastics are moving lower after showing negative divergence. Rsi 14 has turned down .

Monthly Chart II

Chart II shows movement in a well formed upward moving channel. Support for December is at 5416 and Resistance is at 6453.Expect increased volatility within this range.

Happy Trading !!
Lakshmi Ramachandran

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