Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, January 5, 2011

Reigning the Nifty - 5th January 2011

 Daily Chart

Half Hourly Chart

Second day of correction resisting once again at the upper trendline shown on half hourly charts, forming an outside day closing yesterday's gap. This is bearish.Volumes were higher than average. Breadth was negative after a  week of positive breadth. The rally since 5721 has had a maximum of 2 days correction. If the correction continues tomorrow the rally may be in danger.OBV continues in negative divergence.

Half  Hourly Chart shows a decending triangle which is bearish having support at 6124. Break of support will target 6070.

Resistance is at 6177-6181-6215   and   Support at  6124-6066.

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Happy Trading !!
Lakshmi Ramachandran

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