Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, May 10, 2011

Reigning The Nifty - 10th May 2011

Daily Chart

Half Hourly Chart

Consolidation or Distribution ? Today's trading did not convey much. Gap up opening  making a higher high and higher low  but the close was the same as the last close  giving no verdict.

Intraday charts show a pennant formation which is a continuation pattern indicating break should be on the lower side to resume the downtrend which would lead to a 450 point fall from the point of break down.

Viewing it bullishly would be an inverted head and shoulder with the neckline around 5586-5590 for the day. Breakout will give a target of around 5730.

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Happy Trading !!
Lakshmi Ramachandran

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