Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, April 20, 2011

Reigning The Nifty - 20th April 2011

 Daily Chart

Half Hourly Chart

Selling stalled after some  initial morning weakness forming a pennant. This is a continuation pattern and the tiff between bulls and bears should resolve on the downside.The move should achieve the target of 5547 which would .The 5 dema has given a bearish cross with the 10dema which is a good indication of short term weakness. In case of  a freak upside breakout occurs then  will  find resistance at  5780-5808-5834-5848.

Only a sustained trade above 5848 can bring back the upward momentum.

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Happy Trading !!
Lakshmi Ramachandran

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