Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, July 12, 2012

Reigning The Nifty 12th July 2012

Daily Chart 

 Half Hourly Chart 

The  Nifty made a pullback as expected thereby forming a shooting star which is a bearish candle pattern.
I have explained the shooting star many times before and you may read it here

Occuring when the oscillators have turned down from overbought region after showing negative divergence and price making a rising wedge makes it all the more bearish.

An Inside day pattern also occured which shows indecision.In today's context it may be indicating indecision to continue with the uptrend.Look for a break of the low  of the previous day's candle for confirmation.

Supports marked on the charts.Holding the uptrendline of the rally around 5318 will keep the bullishness intact.

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Happy Trading !!
Lakshmi Ramachandran

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