Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Thursday, June 2, 2011

Reigning The Nifty 2nd June 2011

Daily Chart

Half Hourly Chart

"Stochastics on daily charts has reached the overbought zone and a pullback to the recent rise from 5330 can be expected". No visible pullback  but a consolidation within a 37 point range making a higher high and low. Minor negative divergences forming on half hourly charts which may lead to a more significant pullback to the move from  5330.

The target  around 5700 which also coincides with the 61.8% fibo level of fall from 5944 to 5330 is still valid. The portions shown in red elipse also show support/resistance around 5700. The 5700 level should therefore be  strong resistance.  

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: