Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, June 3, 2011

Reigning The Nifty 3rd June 2011

Daily Chart

A gap down taking the global cues but buying at lows led to a white candle.The gap however was only partially filled. This is a bearish signal and unless trade scales the recent high of 5597 the Right shoulder may have seen it's top.

Half Hourly Chart

The half hourly chart shows clearly how the gap remains unfilled. The trade was within a  45 point range, 5522-5567. Before end of trade Nifty retraced from the high of the day took support at the 61.8% fibo level of the range at 5538. Holding this low will see attempts to close the gap made today, else some more pullback may be expected. In this case a double top at 5605- 5597 may have been made which will be confirmed on a fall below 5330 giving a target of 5060.Support on the green neckline is at 5515 and on the red trendline at 5505.

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Happy Trading !!
Lakshmi Ramachandran

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