Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, May 10, 2012

Reigning The Nifty 10th May 2012

Daily Chart

Half Hourly Chart

Corrected to the 61.8% retracement of the rally from 4531 but closed above it.The downtrendline from November highs has been decisively violated which is a nail in the bull's coffin.

The candle formed today is an inverted hammer which could indicate a reversal. The Real Body of the Inverted Hammer should "gap" away from the Real Body of the previous session which it has.
The Lower Shadow of the Inverted Hammer should be almost non-existant which it is.
The Upper Shadow of the Inverted Hammer should be as large as possible. The larger the Upper Shadow, the more important the Inverted Hammer. This too has been conformed to .
Tomorrow's candle needs to maintain today's low for confirmation of a reversal.

Resistance at 5124 which coincides with the 50% retracement level at 5119 shown on half hourly chart.

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Happy Trading !!
Lakshmi Ramachandran

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