Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, May 21, 2009

Reigning The Nifty - 22nd May , 2009

Nifty Half Hourly Chart

Nifty Daily Chart

Yesterday we had an Inside Day and were hoping for a breakout from that range. But today's candle too remained withing the range of 4509-4167. The half hourly shows a consolidation/distribution pattern. The support of the consolidation pattern is at 4210-4191 and resistance is at 4308-4278.

The price action shows more probability of a downside break. Trading below today's low of 4200 wll find supports at 4167-4135-4042.

Stop Loss for speculative longs should be at 4042 as break could precipitate a fall to 3700 which would provide good support.

Happy Trading !!

Lakshmi Ramachandran

1 comment:

madhu said...

If I want to take position in next month options, which are the best strikes of nifty call and put and at which level of nifty?
Would you please guide?