Nifty 30 minute Chart
Nifty Daily ChartThe resistance of 2800 -2840 which I mentioned yesterday has proved difficult to overcome. This keeps the triangle pattern breakout alive and valid. The rise from 2539 has been very steep. So a sideways movement is possible for some time. The 2800 - 2820-2840 is very strong resistance . Failing to cross may trigger a fall. The 20 dema support is at 2728. The daily oscillators have not shown any weakness as yet.
The 30 minute chart shows the nifty resisted exactly at the upper end of the falling channel in which the nifty has been trading since January,2009. The uptrendline of the recent rise meets the 23.6% retracement level to offer support at 2768. The other fibonacci support levels are at 2724-2688-2653.
Booked out of all my longs since I will be away for the next two days. So will be back with my analysis on Monday, 23rd.
Till then,
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
The 30 minute chart shows the nifty resisted exactly at the upper end of the falling channel in which the nifty has been trading since January,2009. The uptrendline of the recent rise meets the 23.6% retracement level to offer support at 2768. The other fibonacci support levels are at 2724-2688-2653.
Booked out of all my longs since I will be away for the next two days. So will be back with my analysis on Monday, 23rd.
Till then,
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
3 comments:
I AM REALLY ADDICTED TO YOUR BLOG. VERY CRYSTAL CLEAR AND ACCURATE ANALYSIS. GREAT CHARTS. fIRST THING IN THE MORNING BEFORE MARKET STARTS, IS TO GO THROUGH YOUR BLOG. OR READ IT BY eod.
SUPERB. KEEP IT UP.
ASHISH
U r away for 2 days... hope then Nifty also away from us...
I am expecting a good downturn...
Thanks with regards
thanks for missing my analysis. would have loved to post but dont have the charts!!
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