Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, March 4, 2011

Reigning The Nifty - 4th March 2011

 Daily Chart

Breakout from falling wedge was maintained with the OBV and Rsi 14 rising above it's peak corresponding with the 5599 peak of Nifty.This is a bullish sign. The close too was marginally above the red trendline . The 200 dema is at 5602. This tough resistance area if scaled, then Nifty could be on it's way Up for achieving higher targets.
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.

Daily Chart

Line charts show efforts required to cross 5546 and 5560 for further upside.

Half Hourly Chart

Formation of a pennant indicates uptrend may continue.
Support at 5442-5500 on half hourly charts for the day.

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Happy Trading !!
Lakshmi Ramachandran

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