Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, March 8, 2009

Magnified action

Nifty 30 minute Chart --1

Nifty 30 minute Chart --2

The head and shoulder target which I have been writing about, was achieved , bang on. Normally, after a target is achieved, a pullback can be expected. Nifty retraced 34% of the fall from 2806. Chart 1 shows the fibonnaci levels of fall from 2806 in red and fall from 2970 in blue. See how 2642 and 2704 may turn out to be stiff resistances as fibonacci levels coincide.

Chart 2 shows supports and resistance of downward trending channel in which the nifty is moving.

Trade light and with stops as the markets will be closed for two days.

Happy Trading !!

Lakshmi Ramachandran


Anish said...
This comment has been removed by the author.
Anish said...

Maam, I am interested in learning Technical Analysis can you please help me with it. I have been reading a few books on the same and i have also got Metastock EOD. But i am unable to read charts so clearly . Please help.....

Anonymous said...

You could start by reading my posts in my "school " blog.You will find the link when you log on to will start posting more lessons. Hopefully , that will help you .