Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, August 7, 2012

Reigning The Nifty 8th July 2012

Daily Chart

A good upmove with gap up opening. The gap was filled after which it  was almost one way up.The Nifty has stopped exactly at the neckline of the bullish inverted head and shoulder pattern which  is forming.The left shoulder is not too perfectly formed but does show distribution.A move above 5353 will be a breakout with bullish implications.
The move has been sharp as shown by the uptrendline on half hourly charts.This makes it vulnerable to a pullback. Gap support at 5261-5216 where also the 50% and 61.8%  retracement levels lie -- shown on chart above --  should prove good support. The uptrendline shown on daily charts  too has support at 5226.

Half Hourly Chart

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Happy Trading !!
Lakshmi Ramachandran

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