Reigning The Nifty - 1st July, 2009

Daily Chart

Half Hourly Chart

The doji has closed towards the lower range and the upper shadow is longer than the lower shadow. This shows selling pressure. Yesterday's Doji had given us enough reason to be careful on longs. Since there were more reasons to be moderately bullish, I preferred to continue with longs. However, intraday I did caution longs in my post on my discussion forum at http://www.vipreetsafetrading.com/forum.

Daily Charts

• Oscillators showing weakness. Stochastics once again in sell mode before reaching oversold zone which is bearish.RSI14 below 50 mark once again.
  
• Uptrendline form 2539 broken for the fourth time .If fails to move above it once again, will be bearish.
• 5 dema continues to be bearishly aligned .

View : Neutral

Intra Day Chart

• Price is below short and long term emas. All the emas are bearishly aligned, except the 20ema which is bearishly aligned only with the 200 ema.
• All oscillators are weak but only stochastics has reached oversold zone and given a buy.
• Uptrendline broken.

View : Bearish


The selling was on higher volumes which is scary. Advance Declines was also highly skewed towards the declines. The right shoulder of the probable Head & Shoulder pattern is forming and one must be properly hedged on positional as well as speculative trades. Keep in mind that the head and shoulder targets will come into fore only when the neckline breaks. Till then be careful on shorts.

The very short term as depicted by intraday charts has turned bearish while the daily charts are neutral. I am now neutral on the market. Would therefore lighten my longs and keep a strict stop on the remaining.


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 30th June, 2009

Half hourly Chart

Daily Chart

Daily Charts

• Doji candle formation depicting indecision.
  
• 5 dema continues to be bearishly aligned to 10 & 20 dema.
• Oscillators in neutral zone.
• Uptrendline intact.

Intra Day Charts

• Oscillators were oversold and the nifty seems to be correcting this state.
• Solid support at 4333-4343-4347 area from the 50-100-200 period ema's. However the three ema's are bearishly aligned.
• The shorter term moving averages are once again bullishly aligned.
• Uptrendline intact.
  

My View

A Doji has been formed on daily charts .The doji has closed towards the lower range and the upper shadow is longer than the lower shadow. This shows selling pressure. Volumes were more than that on Friday. Advance Decline figures improved over Friday's figure.

The uptrend started on Friday has not shown strength enough for us to consider an upgrade in our view from being moderately bullish.


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 29th June, 2009

Half Hourly

Daily

Weekly

" The stochastics is trending up sharply from oversold levels indicating that prices are no longer closing near the lower range and a reversal is on the way."
The Nifty zoomed 133 points to substantiate my view.


Weekly

• The weekly support of 4250 held and thus the uptrendline is unviolated.
• Oscillators though overbought are not showing weakness.
• The Golden Cross of 20-50-200 is intact.
• This week's candle clearly shows support at lower levels.
• Second consecutive week of lower bottom lower top.
• Support on uptrendline is at 4360 for the week.

View : Cautiously optimistic

Daily

• Nifty once again moved back above the uptrendline and the 5,10 & 20 demas.
• Stochastic which clearly indicated an upmove in the offing is looking strong.
  
• RSI14 has bullishly moved above the 50 line after only briefly moving below it.
• Correction was restricted to 23.6% levels of entire rise which is very bullish.
• Retraced more than 40% of the fall from 4693-4143 .
• Potential Head & Shoulders pattern spotted and we have to be watchful as this move may be the right shoulder.
  

View: moderately positive

Intra Day

• Moved above uptrendline.
• Oscillators are once again in the overbought region but still going strong.
• An inverted head and shoulders formation spotted having a target of 4540.
• The shorter term averages are once again bullishly aligned but are yet to align themselevs from the bearish stupor with the longer term averages.

View : moderately positive

My view

It is the action seen during countertrend moves that says the most about the health of the overall trend. Was the fall from 4693 a countertrend move to the rise from 2539? Or is the upmove from 4143 a countertrend move to the fall from 4693? We gauge both scenarios.

We have just had the biggest fall --fast and furious as someone put it--in this uptrend and this a negative.

We will be watchful of the just begun upmove to gauge whether it is continuing trend or corrective of the recent fall. We will continue this analysis daily so we remain on our toes.

• First mark is negative as volumes were not very impressive.
• Second mark is positive as advance decline improved , though just a wee bit.
  

Short term trend is now mildly positive with price above short as well as long term averages on daily charts. Intermediate term is bullish but overbought so one needs to be wary of any sudden change in sentiment which may cause the trend to change. However one needs to trade and the sensible thing to do would be to trade the short term when it is in sync with the intermediate trend which is up. So one can be long for a target of 4538 with a strict stop at 4150-4200.

Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 26th June , 2009

Half Hourly Chart

Daily Chart

I have been ranting about a U turn since last two days. I also wanted to keep an eye on the strength of the upmove. Well, the Nifty did not give us the chance of doing this and went for a slide from the beginning of the day.

Daily Chart

• The uptrendline since 2539 is violated. It now has resistance at 4297.
  
• Sideways movement between 4313-4221 since 18th June. A break from this 90 point congestion will decide the trend for next few days.
• 10dema is yet to bearishly cross below 20 dema.
• Resistances from 5,10 & 20 dema are at 4280,4330,4328 respectively.
• Supports are at 4222-4143-4112-4092 all marked on the chart.
• RSI14 has once again crossed below 50 levels showing weakness. Macd too is fast approaching the zero line.
  
• The stochastics is trending up sharply from oversold levels indicating that prices are no longer closing near the lower range and a reversal is on the way .
  

Half Hourly Chart

• Sideways movement with downward bias.
• Oscillators weak and moving down once again.
  
• All moving averages bearishly aligned.

The short term is bearish as the bounce fizzled out without any effort . The intermediate term is neutral as we do not have enough bearish signals as yet. We will review once the week is over.
Weekly support is at 4250 on the uptrendline from 2539.A close above this level will keep up the bullish sentiments.


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 25th June, 2009

Half Hourly Chart

Daily Chart

Half Hourly Chart- Head & Shoulder

I wrote yesterday,
"Is the red channel indicating a U turn? The nifty needs to close above 4223 tomorrow for that." Well we closed above that but not with a thunder. So is the U turn for real? Well we dont have enough evidence as yet.

Daily Charts
The Nifty has broken out of the falling channel (shown in yesterday's post) giving an immediate target of 4490 .

The 5dema at 4298 proved resistance. The 10dema at 4350 is fast approaching to cross below the 20dema at 4328. All the three demas are resistance points. The chart shows selling at 4314 levels. 4365 was previous support which will now be resistance.
Once this 4314-4328-4350-4365 congestion is crossed we may see upsides towards the target of 4490.
The uptrendline from 2539 still holds and has support at 4272.

Intra Day Charts
The pink channel supports and resistances are marked. Levels of 4352-4365 offer resistance , which I have already mentioned on Daily charts. So looks like we may find it difficult to cross this level.
I have spotted a potential head and shoulders bearish pattern with the neckline at 4115. break would give a 600 point move down to 3550. Invalidation point is a move above the head at 4693.

Conclusion
We may have a upmove in the short term. Strength of the move will give us evidence whether it is a dead cat bounce or a resumption of the uptrend. Till then trade long with stop loss at 4143 and trade cautiously.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 24th June, 2009

Nifty Half Hourly Chart

Daily Nifty Chart showing channel target

Nifty Daily Chart

Todays candle has a long lower shadow depicting good support at todays lows. The lows made in the morning panic was not visited again. It was a steady upmove (with a little volatility) after that, clocking a hundred and twenty four points from the lows.

Daily Charts
Daily charts show that the Nifty is not yet in a downtrend. Only the 5 day ema is not aligned bullishly. The nifty has taken support today on the newly drawn trendline from 2539 lows. Though the 23.6% retracement levels at 4185 was violated intra day, close is well above it. If the nifty manages to trade above 4227-4250 then a test of 4300(5dema)-4342 (20dema)-4362(10dema) is possible. The 50 dema offers support at 4026.

The RSI 14 and Macd though in sell mode have not reached oversold levels. The stochastic has given a buy and moved just above the 20 levels. This indicates we may have a rally till the stochastics corrects it's oversold status. Trading above the falling channel resistance of 4251 will give a upward target of 4490. This coincides with the 61.8% retracement level of the fall from 4693 to 4143.

In case the fall continues we may find support on the channel at 4006 levels.

Half Hourly Chart

Half hourly charts show positive divergences on all oscillators. The Nifty has been moving down in a channel . Is the red channel indicating a U turn? The nifty needs to close above 4223 tomorrow for that.

Trade with caution.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Rising Wedge Target

Refer to earlier charts showing target of rising wedge as 3930. After seeing the meltdown yesterday in US and European markets and today morning's meltdown in Asian markets and the SGX Nifty already at 4123, we could be mentally prepared of hitting this target of 3930. 38.2% retracement of rise from 2539 is 3870. Booking out of shorts today would be a wise idea.



Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 23rd June , 2009

Nifty Half Hourly Chart

Today was a down day which stayed down till the end of trade conveying the selling will not stop soon. The half hourly chart shows a diamond formation .

The diamond pattern is basically a complex head-and-shoulders top with a V-shaped neckline. It is not a common pattern. It rarely occurs at bottoms. That is to say, it is a very bearish pattern. The target of this pattern is calculated by measuring the distance between the high and low of the pattern. This gives us a 145 point move (4352-4207). The target would be 4110 which coincides with 4116, the 50% retracement level of rise from 3534 to 4693 marked on the chart.

The Daily charts show a bearish engulfing candle though not a very huge one. The oscillators are weak and moving down in sell mode. The stochastic though has turned up from extreme oversold level and about to give a crossover with its signal line.

The low of 4207 was however held.Below this we have strong support of 4092 , the level till which nifty corrected after the huge rise after election result day. The Bull in me says we should find support at these levels.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty -Week ended 19th July,2009

Nifty Daily Chart (1)

Nifty Daily Chart (2)

Nifty Weekly Chart

Nifty Half Hourly Chart

Intra Day Trend
The short term trend is down but seems to have found support at 4207 for the time being. A pullback was attempted in the last hour of trading, after positive divergences appeared on half hourly charts. It was stalled after hitting resistance at the 23.6% retracement level of fall from 4693 to 4207. Positive divergences are intact , so we can expect the rise to continue towards the other fibonacci retracememnt levels , which are marked on the chart.


Daily Trend
The Daily trend is in neutral zone. The daily momentum indicators are mixed. RSI 14 slipped below the 50 mark but has moved up again, macd is in a sell but above zero line and the stochastic is in oversold zone .Except for the 5 dema all other moving averages are bullishly aligned. Unless we have more evidence we cannot pronounce this fall as a reversal.
In chart one I have marked the consolidation after each rise . The percentage fall has been increasing and this time it has already corrected 81%.


Weekly Trend
Last week we had the ominous long legged doji warning us that the trend may see a change. Nifty confirmed this with a huge black candle engulfing the doji's real body . This candle completes the evening star pattern which is a bearish reversal pattern. This conveys that the bearishness may continue .The oscillators have turned down.The RSI14 has given a sell and gone below the 70 level. The stochastic and macd are yet to give a sell but has waned a bit.

However the Golden cross of 20,50 & 200wema is intact indicating that this fall may just be a correction. The trendline joining bottoms from 2539 has not been violated yet on these charts.We will have to be watchful of the quality of pullbacks to ascertain future movements --- whether it is with good volumes, good breadth, increase in open interest , follow up buying.

Conclusion
The intra day momentum indicators are moving up from oversold zone, daily momentum is mixed and weekly momentum is moving down from overbought zone. This non alignment of momentum in different time zones is a difficult time to trade. We also have June contracts closing on Thursday.The news flow from budget expectations -- mere rumours till the budget is really tabled-- will rule the movements. Trade very cautiously.

Being cautiously optimistic, I would wait for signals to go long. Stop loss should be strictly 4092 levels. Book Profits at regular intervals too.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 19th June , 2009

Nifty Half Hourly Chart


Nifty Half Hourly Chart

Nifty Daily Chart

Fall continues. Nifty has as of today broken the uptrendline drawn from the lows of the uptrend. All daily momentum indicators are weak. If we manage to trade above 4252 levels we may have a small pullback else falling towards 4092 -3925 seems imminent. Advance decline figures were skewed in favour of declines for the 9th day in a row.

Not much can be read into the half hourly charts except that it is finding support on the trendline. The fall has been continuous and may continue tomorrow. Expect some short covering as it is last day of the week.

Weekly charts support at 4140.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 18th June , 2009

Nifty half Hourly Chart

Nifty Daily Momentum Chart


Nifty Daily Chart

I had thought the fall would be slow and sideways with a downward bias, but the ferocity of the fall was surprising. The momentum indicators on daily charts have broken the support which was holding since 30th March. This indicates the fall will continue. The wedge target is 3930.

The half hourly oscillators are in oversold territoty and we can expect a bounce before we continue the fall.

My rules for trading are, I take trades only in the direction of the weekly. I was asked whether to go short and I opined that I would not be comfortable going short. Now, if one wants to go short then they can be based on their rules. I am happy with cutting my longs at the precise time, which gave me good profits. I would not like to go with every move that the market makes and go short. This helps me keep my sanity and blood pressure under control. Also my profits from longs are intact.


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 17th , 2009

Nifty Half Hourly Chart

Nifty Daily Chart

The RSI 14 has broken the low made on 9th June. As momentum action precedes price action we may expect 4507 to break tomorrow. Let us see whether the low of 9th June at 4365 holds or gives way.

Well, even the panic low in the morning did not break 4365. In fact, like I thought," Very minor positive divergences are seen on half hourly charts. We may get a minor bounce before continuing the correction.The fall has been sharp so we may get either a bounce or sideways movement after hitting 4450 levels", we had a bounce after making a early morning low of 4406.

However inspite of the bounce , the short term seems to be weak. The stochastics on daily charts has broken it's 9th June lows which is 4365 on the Nifty. The Nifty still trades below the midline of the channel we have been moving in since 2539. This trendline is now resistance at 4642 .On half hourly charts the lower trendline of rising wedge is proving strong resistance.

The silver lining in the cloud is that we have closed above the 38.2% of the fall till 4406. Also the rising wedge on daily time frame is still not broken. Closing below 4538 tomorrow will violate the rising wedge.

The lower trendline of the channel has support at 4255 for tomorrow.


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 16th June , 2009

Nifty Half Hourly Chart

Rising Wedge Target

Nifty Daily Chart

I had suggested booking out of longs in my post for 12th Friday, 2009 due to several warning signals on daily charts, which was timely. The fall which started on 12th, strengthened beyond expectations. We broke the level of 4551 with a little difficulty , but once it broke the slide was fast.

The Rising wedge has been broken on half hourly charts, but on the daily charts nifty has taken support on the wedge. Support level for tomorrow is at 4507. The line charts though have shown that the wedge has been violated. The RSI 14 has broken the low made on 9th June. As momentum action precedes price action we may expect 4507 to break tomorrow. Let us see whether the low of 9th June at 4365 holds or gives way.

Very minor positive divergences are seen on half hourly charts. We may get a minor bounce before continuing the correction.The fall has been sharp so we may get either a bounce or sideways movement after hitting 4450 levels.



Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 15th June , 2009

Nifty Weekly Chart

Nifty Daily Chart

Nifty Half Hourly Chart



Nifty Half Hourly Chart Showing Magnified Action

Weekly Charts

Golden Cross of 20, 50 and 200 weekly moving averages. This makes the weekly/intermediate scenario very bullish. Point to be noted is that the Golden cross of all three moving averages have come in the same week dues to the sharp rise in the Nifty. This has never happened before.

A long legged doji was formed indicating indecision. Doji on weekly charts needs to be taken seriously, especially since the momentum indicators are overbought and the doji was formed at significant resistance. A correction which is long overdue, may have begun. Though my reading is this correction may not be easy for the bears. We may be in for a lot of volatility.



Daily Charts

The rising wedge and "Inside Day" pattern high and low levels have not been violated. Oscillators are in negative divergence. The rising wedge has support at 4484 which coincides with the 4500 at which level a good amount of puts have been written. If this level does not hold then we could go to 4350-4200 levels. Levels are marked on the charts.
The rising wedge on the line charts though, has been broken.Watch the earlier low 4430 on these charts for further weakness to 4092 .


Half hourly Charts

We will talk here only of the recent action as rising wedge has been discussed on daily time frame.
Since last 3 days the Nifty has not been able to scale the 4689-4693 levels. It has proved strong resistance attracting profit booking rather than follow-up buying. The blue short term trendlines depict this.Lower trendline sloping downwards with lower lows and upper trendline flat.

If 4551 is held then we can expect retest of 4693, else a retest of 4365.

Fibonacci supports and trendline supports are marked on the charts.

Resistances are 4645 - 4693 -4770.

Questions asked are, "is it still a buy at dips?" Yes, because the intermediate trend is still bullish. We would need to see a lower low established before changing our view of the intermediate uptrend signficantly.



Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Forum

I am trying to put up an update whenever necessary/required in the Intraday Technicals Update at my Forum. You can access the forum at www.vipreetsafetrading.com/forum.




Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 12th June , 2009

Nifty Daily Chart

Nifty Half Hourly Chart

Another Inside Day ! A Bearish Harami ! Occured at good resistance on a rising wedge too.With negative divergence on the daily RSI and Macd Histogram. The rate of rise of the 50dema has been waning. The weekly oscillators are extremely overbought.The Rising wedge was too difficult to cross once again. Enough evidence to be extremely cautious.

This candle pattern can be very useful for spotting changes in the direction of a trend. An inside day is often used to signal indecision because neither the bulls nor the bears are able to send the price beyond the range of the previous day. An inside day/ bearish harami found near the end of a prolonged uptrend may suggest that the rally is getting exhausted and is likely to reverse. The smaller the second day's body the more likely the probability of a reversal.If the close is towards the high of the previous day, the fall could be staggered and slow and if the close is towards the low of the previous day the fall could be stronger.

Maybe the elusive fall is finally close. As suggested above the fall may not be too strong . The fact that money is waiting on the sidelines may prop up the Nifty at every fall strengthens this view.

Trading above 4688 , the high of the inside day pattern will take the Nifty to higher targets. While trading below the low at 4551 will take the Nifty down.

Resistance for the day is at 4678 and Support is at 4548 - 4454. Weekly support is at 4417.

I would suggest booking out of longs on open and wait for the signals to short. Let's see if we are proved right or in for a surprise once again!

Read more about bearish harami in my post
http://vipreetinvestments.blogspot.com/2009/05/reigning-nifty-14th-may-2009.html

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 11th June , 2009

Nifty Daily Chart

Nifty Half Hourly Chart

I had pointed out 4656 as resistance at the upper trendline of the rising wedge. Though the Nifty traded above this line for a good part of the day, close was just below it.

For tomorrow resistance of the rising wedge is at 4670 and support at 4428. On previous occasions during this rally bearish patterns have been ignored.The momentum seems to say the same pattern may be followed this time too and we may hit the target of 4758 mentioned yesterday.Let me also remind you'll of the 4800 target (4924 on line charts) which I have been mentioning since April, 2009.

In reply to comments about shorting because it closed exactly at resistance point, my answer is NO. Momentum and trend is Up so shorting is dangerous. Prudence would be to keep trailing stop loss at 4428. If broken we may see 4092 levels tested again. Fibonacci retracement levels are shown on half hourly charts.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 10th June , 2009

Nifty Half Hourly Line Chart

Nifty Daily Chart

Expected a bounce/resumption of uptrend around 4334-4315 levels, but we got it much above that at 4365 ! This indicates money is waiting to get in. Today's action has retraced and closed above 61.8% fibonacci retracement levels of the fall upto 4365. Thus a test of earlier high 4636 is possible.

The half hourly line chart shows the nifty retested breakout level at 4428 and moved up again. This shows that there is strength to take the Nifty to it's target of 4758 shown on the chart and 4428 becomes a strong support and short term reversal point.

Meanwhile a rising wedge has appeared on the Daily charts. It offers resistance at 4656. This may prove a dampner to the upmove. Watchout for support of the wedge at 4393.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 9th June, 2009

Nifty Daily Chart

On Thursday while analysing for 5th June I cautioned, "The continuous rise is tiring everyone who is waiting for a fall. Don't get too tired and jump into this speeding markets. If you have to, then do so with a proper strategy. Else wait for the elusive fall."


The elusive fall did come and I hope readers would not have thrown caution to the wind.


I had identified the trade of Friday, 5th June 2009, as a shooting star which is a bearish pattern. This bearishness was confirmed today by the huge bearish candle. The 4450 level gave way easily and Nifty went past the 4417 level, which I have marked as support on the weekly charts put up yesterday.If intra week we don't manage to hold 4417 then chances of a fall to 4024 levels are high.

Immdediate target for this fall is at 4334-4315. A bounce/resumption of uptrend could be expected at this level. For tomorrow, if Nifty fails to trade above 4475 then a test of 4380--4332-4315 is possible.


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 8th June , 2009

Nifty Daily Chart



Nifty Half Hourly Chart

Nifty Weekly Chart

Nifty Daily Chart

Nifty failed to break out or break down from the Inside day pattern range of 4451-4586. The momentum though was up as the Nifty did trade above 4586 for most part of trade on Friday. Fear of overheated markets led to profit booking, resulting in two way movements and finally forming a shooting star, though a longer upper shadow would have been ideal looking to the wider trading range of past few days.

A shooting star is a candle with a long upper shadow, with little or no lower shadow , and a small real body near the lows of the trading session. It is a single day bearish pattern when it appears in an uptrend. It opens higher, trades much higher, then closes near its open. Ideally the upper shadow should be at least twice the real body . The shooting star on Friday has an upper shadow which is four times the real body.

The weekly as well as the daily oscillators are in the overbought region . First sign of bearishness of the shooting star will be confirmed if we break the recent channel , shown on Daily chart, which has support at 4560. Strong supports are available at 4446-4451, which is also the level where Nifty has taken support since 29th May,2009. Weekly support from the channel is at 4417. Thus we may consider 4400 as trailing stop loss for positional longs.

The half hourly charts show 4565 as important support as it provided support twice on friday. It is also the 38.2% retracemnet level of rise from 4451.

Let's not forget the dominant trend, which is UP. Resistances are at 4650-4800. I would rather buy on a dip than go short at the first signal of weakness. This is a liquidity driven market and India seems to be the favourite flavour of most analysts.


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 5th June,2009

Nifty Half Hourly Chart


Nifty Daily Chart

No breakout from Inside Day . Half hourly charts show upward breakout from the triangle. Thus chances of breaking the Inside Day pattern's high at 4586 are higher. If breaks out, then resistance is at 4650-4685.

Support at 4450 has now become strong after today's retest at 4453 forming a double bottom with a target of 4685, though the high of 4586 needs to be crossed. Other support levels are marked on the charts.

The continuous rise is tiring everyone who is waiting for a fall. Don't get too tired and jump into this speeding markets. If you have to, then do so with a proper strategy. Else wait for the elusive fall.


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 4th June , 2009

Nifty Half Hourly Chart


Nifty Daily Chart

Nifty Half Hourly Line Chart

Nifty again formed a Doji and also an Inside Day. Highly indecisive patterns. We have to wait to see which way it breaks out, above 4586 or below 4451.The half hourly charts shows the Nifty moving in an equilateral triangle. This pattern too does not help us make a probable prediction of the direction of breakout.

If the Nifty manages to stay above 4530 we can see upsides of 4586 and 4650.

Supports below 4451 are at 4390 on the channel's mid line.


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com