Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, July 20, 2011

Midday Nifty

Half Hourly Chart

The morning gap up did not last long . The lower high at 5645 and the closing of the gap of the morning says it all.The rising wedge shown on half hourly charts and daily charts,  forming part of the bearish right shoulder are showing it's effects.

The slow grind is making it difficult for short term traders as there is no definite direction. The medium term is down and one should be careful on longs till the downtrendline from November highs and the lower top of 5944 is scaled decisively.

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Happy Trading !!
Lakshmi Ramachandran

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