Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, October 16, 2012

Reigning The Nifty 16th October 2012

Daily Chart  

 A lower high lower low candle with a long lower shadow giving mixed signals. Volumes were very low indicating market participants are waiting for a clearer picture to emerge.This can happen only when the high of 5815 or low of 5637 is taken out to show further direction.

The rising wedge is still valid and so is the flag which is forming.Resistance and support on the flag is shown to alert possible consolidation within it.If breaks out above it then the high of 5815 may be taken out and if breaks below it the rising wedge target may be achieved.

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Happy Trading !!
Lakshmi Ramachandran

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