Om Sri Ganeshaya Namaha

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Friday, November 6, 2009

Reigning The Nifty - 6th November, 2009

The Bulls took advantage of the silver lining  and managed to outdo the bears to close above the high of the inside day pattern on good volumes. The obv on daily charts has shown a positive divergence.The short term trend  is up with a stop loss of 4610.


Daily Chart With OBV




Daily oscillators show more room for upsides. The half hourly oscillators too are moving up after showing positive divergence.Nifty has moved above the 50 period ema on half hourly charts and the next logical levels is 200 period ema which is at 4870. This coincides with the minor top made on 28th October at 4867.The 50% retracement of fall from 5182 to 4538 is at 4860. So the 4860-4870 level could be strong resistance.



Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

7 comments:

BALA said...

With Dow closing at higher level I feel the critical level will easily surpassed and another bull high will be there. It seems to be another trap in the technical correction.

Lakshmi Ramachandran said...

ya whipsaw time

Ajit Shah said...

YOUR WRITING STYLE IS A LIGHTHOUSE ON A VOLATILE STORMY SEA IN THE NIGHT.KEEP IT UP.

WOULD APPRECIATE IF SOME MOVERS AND SHAKERS OF NIFTY ARE ALSO COVERED.

Lakshmi Ramachandran said...

I am a total nifty freak -- only

bizagra said...

hello mam, i am a regular visitor of your blog, kindly suggest about my positions.As i was on sell on rise trend, i am having 4500 puts @ 65-45. Kindly suggest a proper Sl for them .
Thanks for the daily technical updates, am learning from you.

Lakshmi Ramachandran said...

check out my weekly post and post for monday for the info you need, which i will put up shortly.

bizagra said...

Thanks mam for yr kindness.