Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, February 17, 2009

analysis for 18th february,2009

nifty broke the first support of 2842 and took support at 2757 very nearly touching the second support at 2755. Now we can confidently say that the inverted head and shoulder pattern has failed and the nifty is in a short term downtrend. The upward trendline from october lows has been broken. now 2755 is a very important level as it has been support on two previous occasions as shown in the chart.If broken can take nifty down to support at 2727-2730 offered by trendline forming the triangle since october lows. breakout from the triangle will take it to 2661.

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