Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, August 16, 2012

Reigning The Nifty 16th August 2012

Daily Chart

Half Hourly Chart

Breakout above the downtrendline from November 2010 highs of 6338.The strong resistance zone of 5348-5378 was crossed and close too marginally above those levels at 5380.The inverted head and shoulder target of 5464 should be easily achieved if stays above this resistance zone.Next minor high is at 5499 from where a pullback may occur.Negative divergences seen on half hourly and daily oscillators showing momentum not picking up.Till 5630 is taken out decisively use heges and tight stops on longs.

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Happy Trading !!
Lakshmi Ramachandran 

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