Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, October 4, 2012

Reigning The Nifty 4th October 2012

Daily Chart 

 Half Hourly Chart

Nifty continued to flirt with the 5740 level, crossed it intraday, but failed to close above it.The candle made was a doji with a higher high and low.A doji indicates that a reversal may be coming.The rising wedge formed is a bearish pattern which too points at this.
OBV though has made a higher high indicating strength behind the upmove.Stochastics and Rsi14 too are showing strength in the overbought region.
Nifty needs to close above 5740 with good strength to continue the upmove.Failing which the rising wedge may give way to a correction which may test the gap area of 5527.

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Happy Trading !!
Lakshmi Ramachandran

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