Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Saturday, August 11, 2012

Reigning The Nifty 10th August 2012

Daily Chart 

Half Hourly Chart 

Bearish engulfing pattern and negative divergence on Rsi14,Macd and OBV on daily charts suggest further fall.Any rise will face strong resistance at the 5342-5378 levels which has been difficult for the Nifty to cross as shown on the daily charts.

The support at the gap made on the way up at 5267-5216, the 50% Fibonacci level at 5271,61.8% level at 5245 and daily uptrendline support at 5272 should hold well.Only a break below these levels will ring alarm bells of a reversal of the existing bullishness.


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Happy Trading !!
Lakshmi Ramachandran

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