Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, March 30, 2009

Reigning The Nifty -- 31st March,2009

Nifty Half Hourly Chart

Nifty Daily Chart

Teasing ! That is what the Nifty is doing. Teased the bears first and now the bulls. The triangle break out is false. The down trendline from January highs was too strong a resistance and Nifty has reacted strongly from there after touching it at 3123. Today's action was extremely bearish . Not once was there an attempt to rally. Supports on the daily chart are at 2866-2834. The 20dema is at 2863 and the 84 sma at 2834. This should be good supports.

Fibonacci supports are at 2900-2830-2762 shown on the half hourly chart. The 23.6% retracement level is already broken.. So if the 2900 levels which is 38.2% level does not hold, 2866-2830 should be good support as it has multiple support at those levels.

The half hourly charts shows the uptrendline of the rise from 2539. This has not been broken as yet and offers support at 2975-3003 levls for the day. One can go short on the break of this trendline with stop at 3055 which is resistance offered by down trendline from January highs.

Happy Trading !!

Lakshmi Ramachandran


Sujatha said...

All the levels are working out very well... (most in opening itself)

Traders like me r getting only limited profit or not trading cos of fear... for carry over the shorts/longs....

Thank u very much...

Advait Thakur said...

maam,I have a querry, why do you prefer half hourly chart over hourly chart.

Advait Thakur said...

I have a querry, maam why do you prefer half hourly chart over hourly chart?

Lakshmi Ramachandran said...

thanks sujata and rajesh for your comments.
advait, half hurly charts give a more magnified look into the day's action. especially patterns are more clearly visible.
btw i had to change the comment settings to "moderation by me" as some spammers had started using this platform for dirty porn stuff. so comments will come up only after i moderate it. srry for the inconvenience.

Rishi Bhatnagar said...

Wonderful post ma'am! a very gud analysis indeed. this is the fist time i visited ur blog but i am sure it wont be my last. please keep up the gud work.

thanx and best wishes.

Lakshmi Ramachandran said...

thanks rishi. please register on my discussion forum too at