Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, July 12, 2011

Midday Nifty

 Half Hourly Chart


The strong support of 5605 was broken with a gap down taking support at the 38.2% fibo level of rise from 5196.The gap today completed an " Island reversal ".See the gaps shown in red. This is a bearish reversal pattern. Only a closing of the gap by closing above 5602 will negate the bearishness.

The rising wedge target of 5196 will complete forming the right shoulder of the bearish head and shoulder pattern and the Nifty seems to be determined to do so.

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Happy Trading !!
Lakshmi Ramachandran

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