Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, July 22, 2010

Reigning The Nifty 22nd July , 2010

Daily Chart

Half Hourly Chart

Nifty continues to be in a deep slumber  turning sides groggily on extremely low volumes  that is sending traders into a tizzy. The candle   formed today  was an inside pattern depicting indecision once again. The pattern range is 5353-5416  which needs to be broken to get a sense of direction. Breadth was marginally positive.

Daily oscillators continue showing negative divergence.

Half hourly charts show an elongated right shoulder forming. Oscillators  are above the 50 mark showing a neutral outlook.Break above the downtrendline from the top of 5453 is proving elusive . A breakout from this short term trendline will lead to increased probability of more upsides.While break of the neckline will take the nifty to lower levels.

Supports are at 5384-5353-5347-5272   and  Resistance at  5400-5416-5453.


Happy Trading !!
Lakshmi Ramachandran

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