Reigning The Nifty - 15th April , 2010

 Daily Chart

Daily Chart II

Half Hourly Chart

• The Inside day range remained unbroken, leaving traders confused about the direction of the immediate trend.
• Daily oscillators including the OBV have broken below the respective lows made when Nifty made the low at 5049 indicating the Nifty may correct further.
• Half Hourly oscillators are in neutral zone.
• The fall since Nifty touched 5400 has been at a very slow rate on very low volumes which favours an upmove after the consolidation. 
• Nifty is on the lower end of the green triangle shown on half hourly charts.Thus if Nifty remains above 5300 we may have a test of  5360-5370.

Nifty has been in a sideways move since hitting 5400. Only a break above this level or a break below 5290 will give direction. Supports are at 5290-5255-5235 and resistance at 5370-5383-5400-5450.

 

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com