Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, August 9, 2012

Reigning The Nifty 9th July 2012

Daily Chart

Half Hourly Chart



Shooting star formed at neckline resistance.This is a bearish reversal candle.Stochastics on daily charts in overbought region.
The half hourly charts show the red rising channel and a green rising wedge broken which may lead to a test of the support line of the larger blue up trending channel.Oscillators moving down after showing negative divergence which may see further pullback.
The support at the gap made on the way up at 5267-5216, the 50% Fibonacci level at 5271,61.8% level at 5244 and daily uptrendline support at 5251 should hold well.Only a break below this will ring alarm bells of a reversal of the existing bullishness.

Happy Trading !!
Lakshmi Ramachandran

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