Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, January 27, 2011

Reigning the Nifty - 27th January 2011



Daily Chart



A bearish engulfing candle on good volumes.The up move from the lows of 5624 has been very weak and sluggish retracing just around 30% of the fall from 6181.Oscillators too are showing weakness struggling to cross the 50 level. The move from 5634 is in an upward channel  which could be a bear flag.Watch out for cracking of support at 5695.


Half Hourly Chart



Back below the red neckline opening up possibilities of the 5230 target. Redrawn the triangle with support at  5648-5651  and resistance at  5796-5788. Breakout from this level should guide direction for the short term.


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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com

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