Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, July 8, 2011

Reigning The Nifty 8th July 2011

 Daily Chart

Daily Chart II

A bullish candle breaking out of the downtrendline from 6338 confirming yesterday's doji was a reversal of the short correction.I had mentioned yesterday,  " The low volumes on the fall shows aggressive selling is missing. The doji formed today may be indicating bears giving up".

Chart II shows a bullish inverse head and shoulder breakout giving a target of 6180.

Volumes increased in comparison to the volumes on the three day fall.Medium term emas, 5-10-20-50 are all bullishly aligned.Only point of caution is the 50 and 200 dema are still bearishly aligned and 5944 yet to be scaled.

Half Hourly Chart

Half hourly charts too show the uptrend continuing with the breakout from the pennant. The downtrendline from 5944 offers resistance at 5728-5726 for tomorrow.

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Happy Trading !!
Lakshmi Ramachandran

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