Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, March 23, 2009

Reigning the Nifty -24th March,2009

Daily Nifty - Fibonacci levels

Nifty Daily Chart

On the daily chart, Nifty has sailed through the upper trendline of the falling channel. Now next major resistance is the upper trendline of the triangle at 3045. If this resistance is overcome on a closing basis, the nifty may be able to breakout from the downtrendline joining lower tops from January 2008 highs. Resistance from this downtrendline is at 3160 for today.

Macd has moved above zero line which is a positive . The RSI(14) is moving up strongly and has not yet reached the over bought zone. The stochastic is in overbought zone but staying above the 80 level showing strength.

The Nifty has retraced just about 23.6% of fall from 4650 from lows of 2250 . The fibonacci chart shows major resistances of which 3147 is an earlier top as well as the 38.2% retracement level of fall from 4650.So watch out for this level.

We can be positive on the markets with strict stop losses till we get enough proof of a sustained upmove .

Happy Trading!!

Lakshmi Ramachandran


Sujatha said...

Welcome to VFM family...

Lakshmi Ramachandran said...

thanx . i am honored

Alkesh said...

Lets hope we do not break support levels before 3145