Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, May 3, 2009

Reigning The Nifty --Week Ending 29th April, 2009

Nifty Monthly Chart

Nifty Weekly Chart

Nifty Daily Chart

Nifty Half Hourly Line Chart

April 2009 ended on an extremely bullish note. The monthly charts have succeeded in breaking above the downtrendline from January 2008 highs. This Line offers support at 3375 for the month of May.

Weekly charts are bullish as indicated by the oscillators. However after 8 weeks of rise we have a Doji formation . Be on the watch for any weakness which may turn into a correction as a "Doji" signifies weakening of the existing trend. Trading has been marginally above the 50 wema since last two weeks which is now at a level of 3471. The 200 wema is at 3575.

Daily charts show negative divergence on the stochastcs, Rsi and Macd. A rising wedge formation which is bearish in nature is seen, which calls for caution to longs. The resistance of 3517 if taken out , will undo this bearishness.

Half Hourly Line charts shows the rising wedge more clearly.

Supports , Resistance and other relevant levels are marked on the chart.

To conclude , the Nifty has been ranging within the 220 point range of 3517- 3297 since last 2 weeks. A break from this range will give a 220 point move.

Happy Trading !!

Lakshmi Ramachandran


ANAND said...

Good Article Laxmi

Sujatha said...

so finally lift the market?