Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, October 28, 2010

Reigning The Nifty - 28th October, 2010


 Daily Chart

The shooting star and bearish engulfing pattern did it's job pulling down the Nifty further to 6012.Nifty has moved below all short term moving averages. Support from the 50 dema is at 5890. The fall has been on below average volumes which points at profit booking .

The 5966 level is crucial as it is the last swing low made on  20th October .5963 was the low made on 29th September. Joining these two points makes it a neckline of a bearish head and shoulder shown in green.Break of this level therefore , will accelerate the fall to 5650 being the target of this pattern.

Support now at  5966-5932-5867. Resistance at 6095.

Happy Trading !!
Lakshmi Ramachandran

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