Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, August 5, 2011

Reigning The Nifty 5th August 2011

 Daily Chart

An outside day was formed which is a one day reversal. The momentum on the downside though just seems to have picked upand any upside could just be a pullback.Like i had mentioned sometime back that 5350 has been violated thrice and would be just a minor support, it gave way easily and Nifty closed below it once again.

Support now at 5262-5208-5196-5177. Resistance at 5422- 5456-5480-5534-5580

 Half Hourly Chart

 The bears were too strong to allow the bulls to take advantage of the falling wedge.Support of 5370 given way. Supports now at 5196-5177-5167.

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Happy Trading !!
Lakshmi Ramachandran

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