Reigning The Nifty - 15th October, 2009

 The head was blown off  today adding one more failed head and shoulders in this rally.Shows how powerful this rally is and the wisdom of the market saying  "the trend is you friend".

All intraday moving averages are bullishly aligned and moving up.However the oscillators are all overbought. The rising wedge made by today's movement indicates a pullback in line with the overbought state.

Half Hourly Chart

Daily Charts show  a good follow up to Monday's bullish candle on better  volumes than on Monday. Oscillators are showing strength and moving up once again.Climbing the wall of worry continues

Daily Chart

The immdediate breakout target is 5230. Crucial resistances of previous peaks are at 5298 and 5545

Daily Chart

Trade long but be hedged.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com