Reigning The Nifty - 28th April, 2010

 Daily Chart

Half Hourly Chart

• Inside day keeping within the range of previous day of  5342-5299.
• Failed to move above the trendline from which it broke down --shown on daily chart.
• Broken down from rising wedge shown on half hourly charts.
• Daily oscillators have mader lower highs and starting to move down.
• Half hourly oscillators are not showing strength too.
• Emas on all time frames bullishly aligned.

Yesterday's high and low become turning points tomorrow. The break of rising wedge points at breaking the low of 5299.Expect a test of the trendline joining Jan 2008 and Jan 2010 trendline shown in red.

An upmove would require the Nifty to trade more robustly  above  5370-5400.

Long or Short remain hedged till more clarity on direction of the Nifty.


Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com