Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, March 21, 2012

Reigning The Nifty 21st March 2012

Daily Chart

A very small pullback which would better be termedas a pause in the fall. Support at the green trendline held well.Stochastics has reached the oversold zone but still falling.Oscillators weak signalling the fall may continue.

Half Hourly Chart

Resisting at the 5297 level since yesterday which is also the 23.6% retracement level of fall from 5499 to 5233.5500 needs to be crossed to resume the uptrend.
The short term is in a sell. The falling channel has resistance at 5290-5234 and support at 5169-5117.Half hourly oscillators showing positive divergence raising chances of the pullback from 5233 continuing.Only a cross above 5450 will resume the uptrend.

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Happy Trading !!
Lakshmi Ramachandran

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