Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, March 18, 2009

Nifty Technicals for 19th March,2009

Nifty 30 minute Chart


Nifty Daily Chart

The resistance of 2800 -2840 which I mentioned yesterday has proved difficult to overcome. This keeps the triangle pattern breakout alive and valid. The rise from 2539 has been very steep. So a sideways movement is possible for some time. The 2800 - 2820-2840 is very strong resistance . Failing to cross may trigger a fall. The 20 dema support is at 2728. The daily oscillators have not shown any weakness as yet.

The 30 minute chart shows the nifty resisted exactly at the upper end of the falling channel in which the nifty has been trading since January,2009. The uptrendline of the recent rise meets the 23.6% retracement level to offer support at 2768. The other fibonacci support levels are at 2724-2688-2653.

Booked out of all my longs since I will be away for the next two days. So will be back with my analysis on Monday, 23rd.

Till then,

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

3 comments:

Anonymous said...

I AM REALLY ADDICTED TO YOUR BLOG. VERY CRYSTAL CLEAR AND ACCURATE ANALYSIS. GREAT CHARTS. fIRST THING IN THE MORNING BEFORE MARKET STARTS, IS TO GO THROUGH YOUR BLOG. OR READ IT BY eod.

SUPERB. KEEP IT UP.

ASHISH

Sujatha said...

U r away for 2 days... hope then Nifty also away from us...

I am expecting a good downturn...

Thanks with regards

Lakshmi Ramachandran said...

thanks for missing my analysis. would have loved to post but dont have the charts!!