Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, January 23, 2012

Reigning The Nifty 23rd January 2012

 Weekly Chart

Daily Chart

On weekly charts closed above the uptrendline from October 2008 lows.OBV broken above the downtrendline from November 2010.Strong resistance approaching  at 5182 on downtrendline and the fibonacci cluster resistance at 5071-5227.

On daily charts  a doji candle was formed on Friday indicating indecision.The gap made in the morning at open of the session was covered indicating bears are active.The 200 dema with resistance at 5131 is still falling showing long term bearishness not over.

Short term is bullish but resistances at 5071-5100-5131 may play spoilsport.Booking partial profits on longs to reenter at lower levels may be prudent

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Happy Trading !!
Lakshmi Ramachandran

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