Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, May 18, 2012

Reigning The Nifty 18th May 2012

Daily Chart

Half Hourly Chart

Today's daily candle resembles an invereted hammer candle pattern which is bullish.Yesterday's downward gap  closed.Yesterday's low was maintained which has broken the lower low streak of the last 9 trading sessions.Nifty is oversold too which supports short term pullback.
However the pullback could be weak as the  Nifty could not even  attempt to scale the last peak at 4954 thus making a lower peak at 4922.The 5/20 got whipsawed again.Only a move and close  above 4958 can get the bulls to stage a pullback.

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Happy Trading !!
Lakshmi Ramachandran

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