Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, February 1, 2011

Reigning the Nifty - 1st February 2011

Monthly Chart

A Bearish engulfing candle engulfing candles of the last three months.  More fall to continue.

Daily Chart

Daily Chart II

Today's candle stalled the bears but did not enthuse the bulls . The rise seems to be technical with the stochastics showing positive divergence.Bulls are still skeptical and will need more evidence to step in.This is more clear in the half hourly charts which show Friday's last hour bull attempt high of 5527 could not be crossed. Trade above this level could take the Nifty up by a 100 points.

Half Hourly Chart

Positive divergences seen on half hourly Macd and Rsi 14  too. Expect some pullback which should be sold into
Resistance at 5527-5562-5600-5655. Support at 5416-5349

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Happy Trading !!
Lakshmi Ramachandran

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