Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, June 16, 2013

Reigning The Nifty - An Update

Nifty formed a bearish candle with a long lower shadow on weekly charts indicating buying support around the 5700 levels.The lower shadow was the result of a 2% pullback on the last trading session which also formed an island reversal as can be seen by the blue parallel lines.The downtrendline from the 6133 swing high is proving resistance and crossing it decisively is necessary for the pullback to continue.

5970 will now be stiff resistance as pointed out in the chart.

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Happy Trading !!

Lakshmi Ramachandran

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