Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, May 17, 2011

Reigning The Nifty - 17th May 2011

Daily Chart

An Inside day pattern after an Outside day pattern. The outside day pattern  came after a very short term downtrend and encompassed three day's trading range,indicating short term sentiment could change. However, today's Inside day shows the bulls have already exhausted themselves and the upside momentum has waned.

The bear flag, a bearish pattern, which as discussed in earlier posts  continues to form in a classic textbook fashion.

The 5,10, 20 dema are all bearishly aligned with each other and the 50 and 200 dema which points to weakness.The fall from 5908 has been retraced only by around 25%

All daily oscillators exuding weakness.

Half Hourly Chart

The bear flag and a possible right shoulder continues to form.The pink uptrendline from 5177 lows is now resistance at around 5506-5508. Support on bear flag support line at  5482-5487 and green trendline at 5472-5475.

Break below these levels will find support at 5443-5348-5335, all levels shown in earlier posts. You may view it here

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Happy Trading !!
Lakshmi Ramachandran

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