Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, May 4, 2012

Reigning The Nifty 4th May 2012

 Daily Chart

Half Hourly Chart

Yesterday's bearish canlde resisting at the downtrendline led to bears taking advantage with a gap down bearish candle for the day.The gap between 5239-5217 will be the first resistance to be crossed for further upsides.OBV and Oscillators have now started showing weakness too having turned down.Stochastics given sell before reaching overbought region and Macd given downtick below zero line.

Half hourly charts show triangle breakout intact with a target at 5000. Breakout points to be closely watched are 5266-5078.

With the monthly oscillators indicating weakness place tight stops on longs around the 5100 levels.
If holds then we concentrate on the pennant breakout.

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Happy Trading !!
Lakshmi Ramachandran

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