December 9, 2010

CHART-II
  • Range mentioned in the below chart has been violated.
  • Break of 1231 gave 1227.25. Price has found support in this area for now.
  • Sustaining below 1227.25 may give 1224.50
CHART-I
  • ES is showing a range of 1231 to 1238 with 1234 as the mean.
  • Breakout or breakdown from this range can give good direction.
  • 1224.50 is an important support area in case of a correction from these levels
  • ES Chart is showing support at 1224.50
  • This area acted as resistance so any correction may get support here.
  • Trend line in daily chart may support the trend line in case of a large correction.
  • Nifty Futures five minutes chart showing today's price action.
  • all intraday consolidations gave short selling chances.
  • 5892 level acted as good resistance.
  • Break of day low at 5860 was another short selling opportunity.
  • Bank nifty daily chart is showing support near 11125 levels.
  • We have a support area and a trend line near this level.
  • another minor support exist between 11250 - 11260. Break of this level will extend the correction up to 11125 level.
DAILY CHART OF NIFTY
WEEKLY CHART OF NIFTY
  • Daily line chart shows a support line broken which is acting as resistance now.
  • Breaking above this line may give upward momentum for the bulls.
  • In the weekly chart the resistance line line was tested many times so if this correction gets extended that line may act as support.

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore