Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, April 27, 2011

Reigning The Nifty - 27th April 2011

 Daily Chart

A hanging man after a shooting star and doji. All at trendline resistance which makes it more significant. The three candlesticks portend trend exhaustion.The long lower shadow of today's candle makes it all the more bearish as sellers were able to push prices so low.

 Half Hourly Chart

Half hourly charts show support taken around the 5803 levels.The recovery was sharp but stalled exactly at resistance line of the megaphone pattern. Viewing it in a different way, we  have an  inverse head and shoulders pattern with the neckline around the 5913-5923 levels.If the support of 5803 holds then a breakout from the neckline could give a move of  around 200 points. It would be prudent to wait for a break of 5944 which is the high of this rally.

Resistance at 5893-5913-5923-5944  and Support at 5854-5842-5830

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Happy Trading !!
Lakshmi Ramachandran

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