Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, March 24, 2011

Reigning The Nifty - 24th March 2011

Daily Chart

Today was a bullish follow up to yesterday's higher high higher low candle which had shown signs of stemming the selling. The candle though could not give a decisive breakout from the array of down trendlines, now providing resistance at 5481-5494-5503. The 50 dema is at 5539 and 200 dema at 5584. Breadth was marginally positive. The breadth amongst the Nifty shares was 6:1 which shows only the frontline shares are participating in the upmove.Breadth and volumes need to improve to give  support  to the upmove.

Half Hourly Chart

Bullishness prevailed from open till the close.A series of resistances to be broken to succeed in confirming the double bottom at 5510-5535-5563-5608.  Supports on the short term uptrendline is at 5445-5485 for the day.

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Happy Trading !!
Lakshmi Ramachandran

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