Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, October 5, 2012

Reigning The Nifty 5th October 2012

Daily Chart 

 Daily Chart II

 Nifty finally broke above the  5740 level and closed above it.The next target is 5944 which is the 79.4% retracement level and April 2011 peak. 

The rising wedge formed is a bearish pattern and the Nifty will soon fall below it's support line which is too sharp to be comfortable about the upmove continuing. Stochastics and Rsi14 too  have not moved above their recent highs which supports this view.

OBV though continues to  make  higher highs indicating strength behind the upmove.
Nifty has closed above 5740 with good strength and increased volumes indicating the upmove may  continue. The Nifty may thus go into a sideways to shallow downmove in case the rising wedge  gives way to a correction.

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Happy Trading !!
Lakshmi Ramachandran

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