Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, June 7, 2011

Reigning The Nifty - 7th June, 2011

Daily Chart

A lower high lower low candle keeps the bias negative.The gap down opening however was not taken advantage of by  the bears. Recovery and closing at the highs keeps one guessing about the future direction.I would go with the "right shoulder forming "for the bearish head and shoulder pattern.till 5605 is taken out .

Half Hourly Chart

Half hourly charts though show a mildly bullish possibility of  an  inverse head and shoulder pattern with the neckline at 5605. If breaks  out then could give a move of  270 points with a target of 5875.

The crucial points to watch out for is the 5605 on the upside and 5348 on the downside. 

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Happy Trading !!
Lakshmi Ramachandran

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