Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, May 9, 2011

Reigning The Nifty -9th May 2011

Weekly Chart

Weekly II

Weekly candle made a lower high lower low. The break down from the inside pattern was fast and furious. Holding 5465 could attempt another leg up of the green upward sloping channel.Resistances will be 5783 on pink trendline and 5838 on the red downtrendline from highs of 6338.
Chart II shows the uptrendline from 2009 lows remained unviolated on a closing basis.5522 should be key support to decide the trend for the week.
Oscillators exude weakness.

Daily Chart

Daily shows a higher high higher low candle turning the bias up. Stochastics has turned up and given a buy in the oversold region raising hopes of some pullback.The sharp downtrendline from 21st April has resistance at 5580.Resistance at 5580-5634-5694-5755. Supports at 5512-5443-5421-5348.

Half Hourly Chart

The green and pink trendlines joining recent bottoms give support around the 5462-5448 levels. Holding these levels will be improtant for bulls.The latest action seems to be talking shape of a pennant which should break down as it is a continuation pattern.

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Happy Trading !!
Lakshmi Ramachandran

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