Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, July 20, 2010

Reigning The Nifty 20th July , 2010

Daily Chart

Nifty continued the sideways movement within the making of what looks like the right shoulder of a bearish head and shoulder pattern with neckline at 5360. Volumes were very low and breadth marginally negative.

The support of the uptrendline of this rally  stands at 5360 for tomorrow. The 5400 level is proving stiff resistance. This range of 5360-5400 needs to be broken to give direction to Nifty. The bias at the moment is more towards breaking the 5360 level.

Daily oscillators are  showing negative divergence. The stochastics has drifted lower below the 50 level.

Supports at 5360-5277-5225  and Resistance is at  5400-5453-5488.

Happy Trading !!
Lakshmi Ramachandran

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