Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, March 17, 2009

Nifty technicals for 18th March,2009

Nifty half hourly chart

Nifty Daily chart

The target of 2806 was hit and as anticipated, correction set in. The level of 2800-2806 has multiple resistances . The trendline joining January and February peaks ----3147 and 2970 offers resistance at 2832-2838. So a successful breakout from the 2805-2840 levels is necessary. Till this level is taken out, further upsides are difficult to come.

The nifty has taken support at the 23.6% retracement level of the recent rise from 2539. The other fibonacci support levels are 2705-2673-2640.

My startegy would be to go long once the 2805-2840 levels are overcome decisively. Else, if the nifty rebounds from any of the support levels , then one can go long with appropritate stop loss, as the short term trend is up, and breakout from 2805-2840 can give good upsides of around 200 points.

Happy Trading !!

Lakshmi Ramachandran


Anonymous said...

Thank you for your analysis. Just now sudarshan sukhani gave the same outlook on cnbc. I used to follow only his blog but now I am addicted to your blog also

Sujatha said...

I think all the world indices also in littile bit overbought lvl.

So, above 2800/2840 lvls is possible @ this juncture? Anyway, keeping in mind everything and working.

Thank u

Anonymous said...

Thanks rajesh and sujatha . there is a lot of strength in the market as all dips are being bought into. watch out for cross of 2840.

Anonymous said...

I following this blog for 10 days now. Very specific levels and targets . The 2840 resistance was accurate

Pedcardfreak said...

Dear lakshmi mam,
thank you for the wonderful inputs,even i am totally hooked to your trading usually starts with opening ur blog and checking out your posts!! keep the good work going!1