Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, November 9, 2010

Reigning The Nifty - 9th November, 2010

 Daily Chart

I wrote " Friday's candle is a doji star which could prove a turning point, but only a bearish candle for the 8th can confirm it".
The bearish engulfing candle formed today has done just that.The first gap between 6290-6303 made on Friday has been filled which is also a bearish signal. The bearish engulfing pattern made today is ominous too as it signals more downside. Next gap support is at  6182-6199. If this too is filled and a break below 6151 occurs then the short term would turn bearish.

Support exists at  6242-6184-6151.

Happy Trading !!
Lakshmi Ramachandran

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