Reigning the Nifty - 18th February 2011

Daily Chart

 Daily Line Chart

Bullish flag mentioned yesterday broke out  as anticipated  and resisted at the red trendline as shown on daily candle charts. .The 20 dema too was scaled . This raises hopes of the previous peak of 5556 may be conquered by tomorrow and turn the Nifty bullish in the short term. The daily charts have turned bullish with this peak being scaled today.

The 20 dema has support at 5501 and the 200 dema resistance at 5618.

Half Hourly Chart

A bearish rising wedge formed . The support line is at 5535-5610 for the day. Break below this line could lead to some retracement. Supports are at 5465-5409-5364-5320.  Resistance from the neckline of the bearish head and shoulder is at 5680.Other resistance is at 5556-5618.

Weekly Chart

                                                5545-5556 strong resistsance shown in elipse

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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com