Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, April 15, 2011

Reigning The Nifty - 15th April 2011

 Weekly Chart

Putting up the weekly chart as just a day's trading left for the weekly close. A close above 5915 will be a breakout from the down trending line. The weekly candle also seems to be forming a bullish engulfing candle unless there is a good sell off tomorrow.

 Daily Chart

The huge bullish candle from green trendline support encourages the view that the weekly charts may see the breakout from the down trendline. Volumes on the correction from 5944 to 5735 was very low which indicates low selling pressure.On the other hand volumes on the bullish candle of 13th was much higher, which is bullish. The correction  from 5944 to 5735 which took 4 days was retraced 90% in just a day's session. All pointers have a  bullish bias.

A higher high seems to be in place. Place stops at 5735 and trade long.

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Happy Trading !!
Lakshmi Ramachandran

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