Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, November 16, 2012

Reigning The Nifty 15th November 2012

Half Hourly Chart
Nifty still meanders in the 5815-5583 range. A rising wedge has been pointed out in black on daily chart II.The support line is shared with the uptrendline from 5217 lows.The daily made a doji candle on Monday, which took support on this trendline.This makes this trendline important level to be held, which has been broken in the Diwali Mahurat session yesterday.The breakout should have a target of 5480.
The half hourly charts show efforts to stabilise at the 5666 level after encroaching into the gap area partially.If this support at the gap area 5666-5645 fails retest of the 5583 is on the cards.
Supports are at 5666-5645-5615  Resistance at 5680-5710-5752.
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Happy Trading !!

Lakshmi Ramachandran

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