Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, May 4, 2011

Reigning The Nifty - 4th May 2011

Daily Chart

Huge bearish candle closing much below the 200 dema. 5503 as shown on weekly charts in post of 2nd May should hold to prvent a bloodbath. If breaks then supports are at  5478-5428-5348.

 Half Hourly Chart

Support taken at the 161.8% level as shown on the half hourly chart. Supports at 5490-5500. If breaks then 5348-5335 should be supports. Oscillators in oversold zone but no positive divergences spotted. This strengthens the view that momentum is towards a downtrend.

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Happy Trading !!
Lakshmi Ramachandran

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