Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, June 8, 2010

Reigning The Nifty 9th June , 2010

Daily Chart

Nifty Futures Chart

Nifty continued the downmove after trying desperately to cover the gap made yesterday.  The action made an engulfing bearish pattern which is as bearish as it's name suggests. Refer the Nifty futures chart for vividity. Nifty spot has taken support exactly at the last swing low mentioned yesterday. Nifty future too came close to it's corresponding low at 4933.

Breadth and volumes improved marginally. Half hourly oscillators have reached oversold zone and Rsi 14 has shown a positive divergence.

As shown in the half hourly chart yesterday, the rising wedge has been broken giving a target of  4678.

Solid supports at 4967-4925-4911.

Resistance at  5038- 5070.

Happy Trading !!
Lakshmi Ramachandran

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