Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, March 16, 2009

Nifty Technicals for 17th March 2009

Nifty Half Hourly Chart

Nifty Daily Chart

I had mentioned that the channel break target was 2795. The nifty hit 2782 almost reaching the target. All indicators point at continued uptrend. The daily MACD has given a buy and other daily momentum oscillators show strength .

The four month triangle from which the nifty broke out, has now become resistance at 2790. The 61.8% retracement level of fall from 2970 is at 2800. The 2790-2800-2806 levels is stiff resistance. Intra day momentum indicators are oversold. So watch the action at those levels for any reversal /correction.

On any correction, fibonacci supports are at 2726-2690-2660-2631.

The red coloured trendline on the half hourly charts, shows a neckline forming of a probable Head and Shoulder pattern . So watch out for the forming of the right shoulder.

Happy Trading !!


Anonymous said...

Thank you for giving such clear and understandable anaysis.

Anonymous said...

Glad to be of help

Sujatha said...

Thank u for your updation...

Enough is enough... lot of confusion in this uptrend, is it real or reel one?

So, to avoid this confusion, pls pull the nifty down atleast to 2500
lvls again...:)

Lakshmi Ramachandran said...

have gone thru this phase of wishing it to come down when it goes up and wishing it to go up when it comes down.cos we are left out , not taking positions at the right time. you will learn to do so soon.

Sujatha said...

your target reached....

i am in short.... but not enjoyed long... cos of fear...