Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, March 3, 2011

Reigning The Nifty - 3rd March 2011

Daily Chart

A breakout from the falling wedge giving a target of  6475 ! Maintaining the same retracement chart  just in case the breakout fails :). If crosses 5599 then we have a double bottom with a target of 5966.Trade above 5529 may bring in continued strength as is obvious from the chart.200 dema is at 5602.  The double bottom is clearly visible on line charts  shown below which requires a close above 5546 for confirmation.

 Daily Line Chart

All demas are bearishly aligned with the 50 and 200 confirming bearishness on 28th February. The broad trend therefore  is still down and one should be cautiously optimistic.

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Happy Trading !!
Lakshmi Ramachandran

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