Reigning The Nifty - 10th February, 2010

 Daily Line Chart

 

Daily Candle Chart

 

Half Hourly Chart

 

• The day was a slow upward movement making a higher high and a higher low.
• Failed to make a breakout from the downward trending line.
• OBV has shown positive divergence on daily charts .
• Rsi 14 and stochastics too have shown positive divergence on daily charts.

The upmove continued today resulting in a higher high and higher low candle.Daily oscillators including OBV are moving up with positive divergences intact. The upmove seems poised to continue .

Immediate resistances are at 4814-4827 .  A sustained move above this level is required  for further upsides.

Immediate supports at 4772-4768-4758.

Broad trend being down, one can be cautiously long once the downtrendline from 5310  is decisively broken. 

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com