Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, May 27, 2009

Reigning The Nifty - 28th May , 2009

Nifty Daily Supports Chart

Nifty Half Hourly Line Chart

Nifty Daily Chart

Yesterday I had pointed out that the Nifty has taken support at 50% Fibonacci levels of rise from 3717. This level held and we had a rise of 160 points !! This negates the bearishness of the evening star pattern I mentioned yesterday.

The Nifty has once again climbed into the upper half of the channel and will attempt to move towards 4300-4350 levels. If it is successful then the Nifty will retest the highs of 4509. The mid line of the channel now offers support at 4265 for tomorrow on the daily charts.

Shorts would have been cut due to stop loss. Longs can maintain stop loss at 3995. Medium term longs can maintain stops at 3700. Till 4509 is crossed satisfactorily we may expect choppy movements.

Today is expiry and direction could be confusing. Best startegy is not to take fresh positions till the picture is clearer.

Happy Trading !!

Lakshmi Ramachandran

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