NIFTY AS ON 10_12-2010

Nifty Closed Below The Trendline Of Monthly And Below Monthly Pivot Of 5964 Forming Lower High At 6069 But Still Holding The Low Of 5690 Also There Is Positive Divergence In Macd Still

Now Coming To Weekly Charts

Weekly Also Closed Below The Pivot Of 5926 And Moving In Downward Channel And If 5690 Is Not Able To Hold On Weekly Basis It Could Drift To The Next Support Around 5400 And Now Next Week Pivot Is 5885 And If Nifty Is Able To Trade Above This Level It Could Once Again Try To Pull Back Towards 5940 – 5960 – 6000 – 6080 Levels Once Again

Now Coming To The Daily Charts

Daily Shows Some Reversal Only If Follow Up Buying Is Seen And If Trades Above 5885 Also Today Nifty Has Closed Above Yesterdays Close Forming Lower Low And Lower High Still Also Daily Has Retraced Almost 90% From 6069 – 5690 Levels .If Nifty On Monday Trades Above 5860 Levels Could Bounce Till 5900 – 5945 Levels And Could Dip To 5765 – 5770 Levels

Now Levels For The Week Are

5773 - 5940

Long Above 5815 Levels With Sl Of 5773  For Tgt Of 5900 Levels

And Short 5900 Levels For The Tgt Of 5815 With Sl Of 5940

Breakout Level Is 5940 And Break Down Level Is 5773

Swing On Daily Remains Down With Sl Of 6070 Levels 

ABOVE IS DOW JONES CHART AND HAS FORMED DOUBLE TOP AT 11507 AND AT 11.03 PM IT IS TRADING AT 11387 AND TILL IT IS ABOVE 11100 LEVELS THERE IS NO REVERSAL SEEN AS ITS MONTHLY, WEEKLY AND DAILY CHARTS IS STILL IN BULLISH STRUCTURE