Preparing for action-23rd march 2009

Nifty Half Hourly Chart

I had mentioned in an earlier post that the rise from 2539 was rather too steep and so we could expect sideways movement. That is just what the Nifty did in last two days moving between 2771 and 2822 and closed midway . The half hoursly chart shows a breakout from a pennant, which is a consolidation formation. So one can remain long with a stop loss of 2770 or 2740.

Lakshmi Ramachandran
www.vipreetsafetrading.com