Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, August 19, 2010

Reigning The Nifty 19th August , 2010

 Daily Chart

 Daily Line Chart

So much for the Chinks in Nifty's armor !  Ha Ha. Nifty   moved up, rejuvenated . Yesterday's inside pattern was broken decisively on the upside .  Today's candle was huge, breaking out of the triangle and closed just 7 points lower than the close high of this rally at 5486.Volumes were good and breadth marginally positive.Line charts show Nifty once again above the green  rising wedge and above the 20 dema.The doji low of  12th August  5372 is now the decider.So stops on longs could be moved to that level.

However the broader range of 5349-5492 still restricts the nifty movement .A move out of this range will be a significant  as it is now 4 weeks inside this range.

Resistance at  5492-5502-5530-5550.  Support at 5453-5414-5397-5372.

Happy Trading !!
Lakshmi Ramachandran

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