Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Wednesday, November 17, 2010

Reigning The Nifty - 18th November, 2010

 Daily Chart

Bearish engulfing pattern shows more bearishness to come. The support of 50 dema too failed.

The swing low of 5937 , the 38.2%  retracement level of rise from 5348 at 5959  and  the 23.6% retracement  level of rise from 4768 at 5970 should prove good supports.Look for signs of recovery around the 5950 levels.

If the above mentioned  supports break, the next support will be at  5845, the 50%  retracement level of rise from 5348 and support of the uptrendline from 4768 which would be around the 5800-5850 levels till November expiry.

Uptrend possible only on a cross above 6145 .

Hourly Chart

The half hourly chart too shows a bearish pattern - broadening top or an expanding triangle or a megaphone top.This pattern usually consists of three ascending peaks and two descending troughs. The signal that the pattern is complete occurs when prices fall below the lower low.

The support from this pattern's lower trendline is around the 5920 levels.

Happy Trading !!
Lakshmi Ramachandran

No comments: