Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, February 17, 2011

Reigning the Nifty - 17th February 2011

 Daily Chart

 The real body of the last two day's candles are identical.The high  remained a fraction lower but  the low was much higher indicating bears on the back foot for the time being.This qualifies as an Inside day. Further trend will be set by break of the high or low of the previous day's candle which are 5506.50 and 5408.35.

The 5 and 10 dema got bullishly aligned. The 20 dema is providing resistance since the last two days and is at 5496 for tomorrow.

Half Hourly Chart

Nifty seems to be catching up it's breath with a sideways movement in a flag like formation.This is a continuation pattern .So expect a break on the upside.As is visible the upmove has been rapid.If  the fall from 5556 could be retraced at a faster rate  by Friday 18th, then the targets of the falling wedge would be achievable.

Resistance at 5506-5556. Support at 5460-5408.

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Happy Trading !!
Lakshmi Ramachandran

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