Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, May 12, 2009

Reigning The Nifty --13th May,2009

Nifty Daily Chart Showing Possible Target

Nifty Daily Chart

Nifty Half Hourly Chart

Today's upmove recovered all ground lost in the last two days. The upward channel that the Nifty is moving in proved good support once again. This is in keeping with the pattern that Nifty has followed in this upmove from 2540. The huge bull candle at this key support makes the support level very important. I would consider 3534-3517 as stop loss for longs.

The Daily Charts shows breakout from a pennant. So one can be long with a stop loss of 3534 . If the resistance of 3517 is taken out we have an immediate target of 3898. However, the negative divergences are intact. The stochastic is in sell mode and moving down inspite of the sharp upmove today. ( You can find the interpretation of stochastic signals in my post on 24th February, 2009.You can read it here---

So be sure to be hedged. The channel support on daily charts is at 3570 for tomorrow.

The supports and resistance levels for tomorrow are marked on half hourly charts .

Happy Trading !!

Lakshmi Ramachandran

1 comment:

sakthi said...

good mng sir nice levels and good defenitions