Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, March 9, 2011

Reigning the Nifty - 9th March 2011

 Daily Chart

A positive day but volumes were low. Breadth however was positive. The retest of the falling wedge seems to be over and possibility of  moving up is high. The gap made yesterday remained unfilled by 8 points. The 50 dema is moving away from the 200 dema bearishly and has resistance at 5586 and 5599 respectively. The red trendline continues to resist with the level at 5521 for tomorrow.

Half Hourly Chart

Resisted exactly at 61.8% fibo level at 5630 shown in pink on charts. 5630 and 5638 ( the upper level for the gap down )  will be strong resistance.The red neckline is at 5672.nifty needs extra strength to overcome these hurdles.

A downtrending channel is forming which could well be a flag. Watch out for a breakout from this pattern at 5524-5500 for the day which could then give a move of 375 points. Support is at 5379-5358.

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Happy Trading !!
Lakshmi Ramachandran

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