Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, January 6, 2011

Reigning the Nifty - 6th January 2011

Daily Chart

Half Hourly Chart

The bearishness indicated yesterday played out today . The decending triangle broke and over enthusiastic bears carried it beyond the target of 6070 to 6062.The uptrendline from 5721 was broken. The up  move from 5982 has been retraced by nearly 61.8% , increasing the chances of testing 5982.

6072 is the 23.6% retracement level  which has been retraced and Nifty has taken support at these levels and closed above it.  The breakout level of 6070 of the double bottom has been held on a closing basis. If fails to hold then expect more correction.

Half hourly charts show the fall in a falling wedge.Lookout for a breakout from the wedge for the run up resuming.

Next supports are at  6005-5980, 5951-5888.  Resistance is at 6090-6107-6116-6121-6135.

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Happy Trading !!
Lakshmi Ramachandran

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