NIFTY DAILY AS ON 16/12/2010

Nifty Has Been Trading In The Range Of 5860 – 5975 Range Break Of Range Can Give The Direction In The Coming Week As Nifty Is At The Resistance It Is Required For It To Trade Above 5964 So That It Is Above Weekly And Monthly Pivot Denoting The Uptrend To Be Resumed But Below This Level It Shall Remain In Down Trend Also Nifty Has Closed Above 5918 Which Is 5ema For Daily Now All The Levels Comes At 5850 Which Indicates That Nifty Should Hold 5850 On Closing Basis  Which Shall Now Become Important Support Below Which More Weekness Shall Be Seen And Above 5950 Strength Shall Be Seen

Now Levels For The Next Week Are

5800 – 6110

Short Near 5990 – 6000 With Stoploss Of 6035 For Tgt Of 5900

Or Long 5900 With Stoploss 5860 For Tgt Of 5990 – 6000

Stoploss For Swing Remains At 5956 And It Is Down Two Consecutive Close Above 5956 Shall Reverse The Swing From Down To Up