Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, October 7, 2010

Reigning The Nifty - 7th October, 2010

 Daily Chart

Daily Line Chart

The Nifty posted the highest closing of the rally which started in March 2009. The target of 6185 shown on the line charts has been achieved. The next pattern target of the inverse head and shoulders shown in green is at 6745. When The breakout from this pattern gave the target , it seemed like a dream which would remain a dream . Now it seems achievable especially if the all time high closing of 6287.85 is crossed.

Yesterday's low of 6118 and the support on the uptrendline from 5349 at 6112 should be strong support. Breadth has been positive volumes low.Oscillators are in negative divergence.

Half Hourly Chart

The half hourly line chart shows a pennant forming which should normally break out on the upside.If succeedes then will give a move of  about 170 points.On candle charts it works out to be 245 points.

Look for oppurtunities to trade long till the 6112 support is broken decisively.

Happy Trading !!
Lakshmi Ramachandran

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