Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, July 17, 2011

Reigning The Nifty Weekly Update 16th July 2011

 Weekly Chart I

Weekly Chart II

Last week's doji spelt a loss of momentum on the upside. The week stated with a gapdown which remains unclosed.The Nifty continues to trade below the uptrendline shown in dotted  green for the ninth week.

The Nifty has been moving in the red channel since June  2009 with resistance at 5995 and support at 5373 making it important levels to decide the larger term trend.

The decending triangle shown in chart II indicates a downward bias. Only a break above the downtrendline which has resistance at 5685 will change the bias.

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Happy Trading !!
Lakshmi Ramachandran

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