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Om  Sri  Ganeshaya  Namaha
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Tuesday, May 4, 2010

Reigning The Nifty 5th May,2010

 Daily Chart

 Daily Line Chart

Half Hourly Chart

Important supports broken by a huge black candle on average volumes and bad breadth.The trendline joining March 2009 lows and low of 4675 has been broken.On line charts the neckline of the head and shoulders pattern and the lower trendline of down sloping channel have been broken bearishly.The 50 dema which was providing good support has also been violated. This indicates further fall.

However the green and red trendlines on half hourly charts are yet to be broken and give strong support at 5140 and 5100. If broken then strong support is at 4975 which is 61.8% fibo level shown on line charts and trendline support shown on candle charts.Further down the Nifty may find support at the 200dema at 4875.

The 50 dema will prove resistance now at 5200. Scaling this level once again could be bullish.

Supports at 5140-5100-4975. Resistance at 5200-5250.

Happy Trading !!
Lakshmi Ramachandran

1 comment:

Anoop said...

Nice analysis.