Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, October 24, 2012

Reigning The Nifty 23rd October 2012

Daily Chart

Half Hourly Chart

Range bound yet without decisive action.The bullish engulfing candle and breakout from the short term downtrendline  on daily charts and a higher low held as shown on Half hourly chart II  raises hopes of an upward breakout from the range.

The 20 day Ema at 5660, shown in blue, has been good support till now.Expect Nifty to break upwards till held. A decisive break below it will be a sign of more weakness to come.
Lookout for trade above those resistance points at 5722-27-30  for bullishness to resume.If fails and trades below 5696  then 5668-5677 will be tested.

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Happy Trading !!

Lakshmi Ramachandran

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