Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, May 5, 2009

Reigning The Nifty --6th May, 2009

Nifty Daily Chart

Nifty Retracement chart

Nifty Half Hourly Chart

A Doji Star was formed on the daily charts today. Indecision leading to reversal or mere breather? Will have to wait for tomorrows action. Last two days action has once again formed a rising wedge. No conclusions can be made out of these signs till further evidence is provided. Till then trend is up .

Reading my past analysis I discovered that the target of 3737 is very important and we may have profit booking once it is reached. As shown on the chart the level of 3737 has been arrived by three different calculations. 61.8% retracement level of fall from 4650 to 2252, range (3147-2557 ) break target , and range (3297-3517) break target .

In case a correction starts supports are marked on the charts.

Happy Trading !!

Lakshmi Ramachandran

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