Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, November 27, 2009

Reigning The Nifty - 27th November, 2009

Half Hourly Chart


Daily Chart

Daily Line Chart

Nifty retraced below lows of the last three days , after hitting resistance at the trendline drawn from January 2008 highs. Negative divergences on half hourly charts did the job of getting Nifty to correct to the 23.6% retracement level of rise from 4538 to 5138.

A close below 4989 will be first sign of possible trend change. Next strong support is at 4924-4932  which has acted as support and resistance ever so often in the last 2 months.  4909 is the 38.2% retracement level . Below these levels down move will gain momentum.

Happy Trading !!

Lakshmi Ramachandran

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