Reigning The Nifty 19th July 2011

 Daily Chart

I said " The high of 5653 and low of 5541 need to be monitored for further direction ".

The rising wedge broke on the downside giving a target of 5030.The  close was below the 200 dema. This is bearish. The low of 5541 was however not broken. Support taken at the 50 dema.This leaves a little room for the confusion to creep in.Break of 5541 would confirm a retest of 5496.Only a break of 5496 will bring in more selling to reach the rising wedge target of 5030.

Half Hourly Chart

Half hourly charts  show vividly that the bias is negative.The slow grinding fall is leading to the confusion of whether the Nifty is really in a downtrend. Keep staring at the hald hourly charts to convince yourself.



follow me on twitter http://twitter.com/#!/lucksr

Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com