Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, March 16, 2012

Reigning The Nifty 16th March 2012

Daily Chart
Half Hourly Chart

Today was a day of correction as indicated by the half hourly charts yesterday.Taken support around  the 40% retracement level. A close above 5500 will resume the uptrend.

The  half hourly chart below shows an Inverse Head and Shoulder pattern forming.Resistance at  neckline is at 5509-5513 for tomorrow.

5304-5220 is the gap made on 9th March 2012.5242 is the support on the newly drawn uptrendline on daily charts. This support zone should provide good support a.Only a break below 5171 will put the uptrend in danger.Resistance levels shown in green on half hourly chart.
Half Hourly Chart

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Happy Trading !!
Lakshmi Ramachandran

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