Nifty Half Hourly Resistance Chart
Nifty Half Hourly Support Chart
Nifty Daily Chart
I was feeling disoriented since yesterday and was really glad to have a normal day with a little correction and some rallies. Today's candle was a long legged doji. This candlestick has long upper and lower shadows with the Doji in the middle of the day's trading range, clearly reflecting the indecision of traders.
Nifty Daily ChartOn the day of the Doji pattern, the market moves both upward and downward, but cannot commit either way. After a long uptrend, this indecision could be viewed as a time to exit one's position, or at least tighten stops. Reducing one's position size or exiting completely could be an intelligent move.
It is important to emphasize that the Doji pattern does not mean reversal, it means indecision. Doji's are often found during periods of resting after a significant move higher or lower; the market, after resting, then continues on its way. Nevertheless, a Doji pattern is a great sign that a prior trend is losing its strength, and taking some profits might be prudent.
We have retraced more than 50% of fall from January 2008 highs and into the 11th week of the rally. This strengthens the above view of call for prudence.
Resistance and supports are marked on the charts.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
3 comments:
madam, don't take it otherwise, is the target of 4900 not reacheable?
(Just to clear the doubt not to cross you.)
4900 is a target as per techincal analysis which is achievable in all probability. But one can never be sure when.There may be corrections/pullbacks in between .
THANK U MAM
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