Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, July 11, 2011

Reigning The Nifty 11th July 2011

 Daily Chart

The downtrendline from 6338 proved resistance again.Trade above 5696 necessary for scaling it once again.Friday's fall was on more volumes than thursday's bullish rise which is bearish.The bearish head and shoulder could be forming the right shoulder yet again.Stochastics in negative divergence and moving down after giving a sell signal. OBV too has shown minor negative divergence.

5605 strong support.200 dema support at 5582 and 50 dema at 5543.

Half Hourly Chart

Half hourly charts show a breakdown from a rising wedge giving a target of 5196.This could be the right shoulder forming ? Only a trade above 5696-5730 will negate this possibility.Stochastics is oversold on half hourly charts and an attempt to scale these levels could be made .

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Happy Trading !!
Lakshmi Ramachandran

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