Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, February 8, 2011

Reigning The Nifty - 8th February 2011

Daily Chart

Friday's low however remained unviolated.  This indicates bears respecting the strong support area Nifty is in now.

Half Hourly Chart

 Half hourly charts show the latest action in a broadening formation(shown in blue) within a falling wedge (shown in red). Both are bullish patterns.The breakout points from these patterns may be used to book shorts. However,wait  for a other indicators to lend support to the bullish view before going long.

Head and Shoulder  Bearish Pattern

If the support line of the broadening pattern gives, then it would turn into a bearish head and shoulder pattern giving a down move of 180 points.

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Happy Trading !!
Lakshmi Ramachandran

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