Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, May 11, 2009

Reigning The Nifty- 12th May,2009

Nifty Half Hourly Chart

Nifty Daily Chart

Today's fall was without any bounce. It was one way.

I had shown channel support on Daily Charts at 3530 and the Nifty took support at 3534.55, very close to the support. The Inside Day range finally broke down on a closing basis. So this calls for some more downside. But the uptrending channel is intact and will we see the Nifty taking support on it once again on it at 3556 ? If not , then we have good support of breakout point at 3517. The 200dema offers support at 3410.

The half hourly charts show a downtrending channel (shown in pink) from which we have a breakdown today. Target is 3475. This coincides with support from uptrending channel (shown in red) at 3462-3477. The uptrendline from 2539 offers support at 3535-3560. 23.6% retracement of rise from 2539 is at 3440.

The half hourly oscillators are reaching oversold levels . We may find support at any of the above levels.

Happy Trading !!

Lakshmi Ramachandran


madhusudan said...

Are you bearish here?

Lakshmi Ramachandran said...

Mildly bearish. so will not go short till channel support is broken on daily charts at 3556 and break of 3517 which was breakout point. i have mentioned that in the write up. If you want to be short be hedged as weekly is bullish.