Mid- day report ( 29/09/10)

We are seeing a trend day in the Nifty turn into maybe a double distribution day later in the afternoon.

The highlight of the day so far has been the 80% rule workout in the Nifty as well as the Bank nifty.

It’s amazing to see this rule work out despite the many other obstacles in the path of chart analysis.

We are watching support to hold in the 6003-6010 zone beyond which 5995 and 5979 are known reference points.

Failure to hold 6003 will discard the double distribution theory.

We have identified 6040-6047 as the inflection point for this week beyond which 30-40 points can be made either direction.

Trade well.