Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, May 28, 2020

Short Term Upward Momentum Intact




Daily Chart 




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Happy Trading !!


Lakshmi Ramachandran

Nifty Breaks Out




Daily Chart 




Nifty broke out of the trendlines with a bullish candle. This is reassuring to bulls and we may turn mildly short term bullish for targets of 9584-9889. A close below 9000 will negate this view.



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Happy Trading !!


Lakshmi Ramachandran 

Wednesday, May 27, 2020

Nifty at an Important Crossroad




Daily Chart 



A break above 9255-9300 area will be a bullish move having crossed the falling channel as well as the long term trend line.However crossing of the previous high made at 9584 should be awaited for confirmation of bullishness.

A failure to breakout from the trendiness will see the down move continue.



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Happy Trading !!



Lakshmi Ramachandran

Tuesday, May 19, 2020

Downtrend In Nifty Resumes




Daily Chart




The Nifty formed a bearish Rising Wedge in the bounce after the crash.A confirmation of the downtrend resuming is evident from a Lower high and Lower Low being formed after breaking down from the Rising Wedge.


The Rising Wedge  has a technical target of 7155.




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 Happy Trading !!



Lakshmi Ramachandran 

Tuesday, May 5, 2020

NIFTY CONFIRMS REVERSAL



Daily Chart 






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Lakshmi Ramachandran 

Bearish Island Reversal on Nifty




Daily Chart 




Half Hourly Chart




An Island Reversal pattern as clearly depicted in the charts above indiactes a reversal of the current trend. Bearish Island Reversals have statistically been proven more reliable than bullish ones.

In case of Nifty it is a bearish Island Reversal. Prices gapped up on the first day -30th April- followed by a gap down on the second day 4th May ---- leaving a gap up and a gap down clearly leaving an "Island" of price movement as is clearly evident on the half hourly chart. 

The Island Reversal is based on the idea that the two gaps in the formation will often not be filled—at least not for awhile. 

The  reversal will be nullified if the gap left today is filled ! 



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Happy Trading !!



Lakshmi Ramachandran 

Friday, May 1, 2020

Stiff Resistance Ahead



Weekly Chart




Finally managed to put up a Nifty chart ! Been held up in the USA without my laptop 😒
Seems like Nifty may face stiff resistance soon - around the 9950 - 10000 levels.




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Happy Trading !!


Lakshmi Ramachandran