Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, April 8, 2009

Reigning The Nifty--9th April,2009

Nifty Daily Chart

Half Hourly Nifty Chart Showing Wedge Formation

Half Hourly Nifty Divergence Chart

Half hourly Chart :

The rising wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. This pattern is a bearish reversal pattern when formed during uptrends.The half hourly chart shows a rising wedge formation. The RSI(14) shows bearish divergence. The ROC(12) has failed to scale the last high made suggesting that the move may not be all hunky dory.

Daily Chart :

The Macd histogram is in negative divergence on the daily charts. The light green channel shown on daily charts has resistance at 3368.Breakout target of channel is 4130.

Supports and Resistance levels are shown on the charts.

Positional longs from low levels , should shift stops to 3150-- the low made today. If not long, then stay out. One may go short only if the Rising Wedge is broken decisively. Stop Loss would be a few points above the breakdown point on such short positions taken.

Happy Trading !!

Lakshmi Ramachandran


Anonymous said...

madam, Do you provide paid service on positional nifty option? If yes, do send me detail Thanks

Unknown said...

Madam, Will you please put 30 min candle/line chart with any indicators continuously i.e., on daily basis.( one hour chart also please if possible). The over bought/over sold on 30 minute chart is working good a lot for predicting swing reversal in nifty. Thanks for the education spreading over the blog particularly for the persons like me. A simple TA blog. Once again thanks pl.

Sujatha said...

going to start a paid service tooo????? oh, then more responsible job than this... more time swallow..... anyway all the best....

Expecting your week end post.....

Happy week end