Daily Line Chart
Daily Candle Chart
Half Hourly Chart
- Direction at last with a huge bearish candle on the Daily chart.
- Breadth was extremely negative at 3:1 and volume were highest in last seven trading days.
- Moving averages all bearishly aligned on half hourly charts and Nifty is trading below the 200 period ema.
- 5 day ema bearishly aligned with the 10 and 20 day emas and Nifty has closed below the 50 dema.
- Oscillators on half hourly charts have reached oversold zone. The daily oscillators are all weak and RSI 14 has broken the low made on 21st December. The corresponding Nifty level is 4943.
- The uptrendline joining July and November lows has support at 4988 on candle charts and at 4992 on Line charts.
- The break of 5169 has given a double top target of around 5030.
- Weekly support at 4972. Refer post of 18th Jan,2010.
Relevant supports and resistances marked on charts.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
5 comments:
Very nice of you mam...
Believe you know your follower's pulse rate :) :P
Nifty exactly sitting on 5094 :)
thanks and regards
good analysis. Reading ur last few posts, it occurs to me that half hourly chart are more accurate that anything else.
lakshmiji,
your postings are real TA lessons..but would like to follow some basic book to know the subject deeply...
i remember u recommended michael kahn sometime back...is it good or do u suggest anything else
tks
sri
thanks sujata and anoop for ur comments.
sriganesh
i have not read kahn so i think someone else must have suggested. first and foremost book to be read is by edwards and maggee
mam i had gone long @ 4970 with s/l of 4940 & tgt of 5080 & 5125 & then will go short short & short..lets see thanks alot for that 261.8% retracement.
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