Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, December 16, 2012

Reigning The Nifty 14th December 2012

Daily Chart
Daily Chart II

Half Hourly Chart

The Inside Day pattern mentioned yetserday broke on the downside indicating the short term is down.The breakout from the resistance line of the rising wedge proved to be a false breakout with the Nifty breaking below it.The possibility of testing the support line of the rising wedge on daily charts is now possible.
Negative divergence on the Rsi14 & Macd and the stochastics having given a sell and moved below the  80 levels supports a fall.
Support at 5839 has still not been breached keeping the hopes of bulls alive.Break will find support at 5815-5805-5777 as marked on the charts.The continuation falling wedge on half hourly charts indicates this fall maybe a consolidation and the Nifty may ultimately breakout on the upside to resume the uptrend.Only a break below the support line of the rising wedge on daily charts  at 5682 will bring the rally from 4770 under threat.Resistance levels intraday are at 5880-5854.Support is at 5843-5833.

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Happy Trading !!
Lakshmi Ramachandran

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