Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Saturday, May 14, 2011

Reigning The Nifty - 13th May 2011

Daily Chart

Half Hourly Chart

The bears won breaking down from the Inside pattern.The forming of bearish patterns-- a pennant , bearish head and shoulder patterns , expanding triangles , which I have been pointing out since some time had already indicated the bearishness. The fall from 5912 since beginning of May could be retraced by just 23.6%.The lack of volumes on recovery from 5443  led to suspicion of the upmove continuing.Trading below the 200 dema once again for the past two weeks  was an alert too.

As shown on the charts the break from the pennant is decisive and the fall should target 5100. Strong supports on the way down are at 5443-5348-5335-5232-5177.

Trading above 5472 ( neckline support) -5443 (previous low)  could see some recovery attempts.

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Happy Trading !!
Lakshmi Ramachandran

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