Reigning The Nifty - 22nd March, 2010

Weekly Chart

Daily Chart

Half Hourly Chart

Weekly

• Weekly still bullish with sixth consecutive weekly rise. 
• Volumes were low for the week.
• Breadth was negative.
• Maintained within the rising channel.
• Stochastics in overbought region, RSI  moving in tandem with the Nifty, Macd in sell above zero line.

 Daily

• Steep rising wedge  which is a bearish pattern.
• Oscillators in overbought region.

Intra Day 

• Rising wedge shown in red.
• Negative divergence on oscillators.

The uptrend continues. Rising wedge along  with negative divergence on half hourly charts makes one cautious. Breadth continues to be a concern to the continuation of the up move. Multiple resistances around  the 5300 mark.

Continue longs with a strict stop around 5221-5214 level.




Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com