Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, March 16, 2011

Reigning The Nifty - 16th March 2011

 Daily Chart

Half Hourly Chart 

Half hourly charts  still playing out the   double bottom and a double top which i have been mentioning since some time. Crossing 5608 will confirm a double bottom and a fall below 5232-5177 will confirm a double top. Whichever way it breaks will give a move in that direction of 370 points.

As mentioned in the post for 14th March 2011, the diamond pattern  has a target of 5302.This level is also weekly support on trendline joining lows of 5177 and 5232. 5408 which has been  support on several bear attacks gave way intraday but the close was above it.    

Gap down taking support at 61.8% fibo level of rise from 5232 to 5608. Direction will be unclear till the weekly "Inside Pattern"  high and low  5608 and 5308 is not taken out. Till then expect the two way movement to continue.

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Happy Trading !!
Lakshmi Ramachandran

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