Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, May 25, 2010

Reigning The Nifty - 26th May, 2010

Daily Chart


Yesterday I wrote, " Bears have an upper hand till the down trending channel is broken out decisively". The Bears did take advantage of  yesterday's ominous looking candle, sending the Nifty in a violent downfall of  166 points. The direction was just one way with the close managing only a 30 point recovery.

To be able to attempt a recovery, Bulls need a close above 4947 , a level above which Nifty has not been able to sustain since last 4 days. . Failing to recover above this point will make it easier for bears to slide to 4675-4615 levels.

A falling wedge has emerged which is a bullish pattern which has  support  at 4770 and resistance at 4975.

Happy Trading !!
Lakshmi Ramachandran

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