Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Sunday, July 24, 2011

Reigning The Nifty Weekly Update 23rd July 2011

 Weekly Chart

Weekly Chart

An Inside  Pattern was formed where the current candle's range remains within the range of the previous candle.This shows the market participants could not make up their mind about the direction of the market and neither  the bulls nor bears could make their mark.

The downtrendline from 6338 highs continues to be resistance which makes the break above this trendline an important condition for a bullish move. Resistance from this trendline for the coming week is at 5681.

5740 the last peak made in the first week of July needs to be scaled to break the sideways movement of the last two weeks.The high and low of the inside pattern 5654-5497 has a range of 150 points. If  breaks on either side, will help short term traders to take a directional trade of 150 points.

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: