Nifty Analysis for 13th March,2009

Nifty Daily Chart

The breakout of the " inside day" happened only intra day. Profit booking came in on every rise. The Nifty corrected exactly from the 38.2% levels of fall from 2806 to 2539 levels. To look at the positive side, the lows of the day was not violated.

For tomorrow , immdediate resistance is at 2630-2650 and immediate support at 2575-2555-2539. The 20dema is at 2710. Other resistance and support levels are shown on the charts.

If manages to trade above 2630 level we can expect a rise upto 2785. If one is already long, then a stop loss of 2540 which is the low made on the first day of the harami pattern, would be appropriate.

For fibonacci levels, refer to the chart posted yesterday.

Happy Trading !!

Lakshmi Ramachandran

vipreetsafetrading.com