Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, June 9, 2009

Reigning The Nifty - 10th June , 2009

Nifty Half Hourly Line Chart

Nifty Daily Chart

Expected a bounce/resumption of uptrend around 4334-4315 levels, but we got it much above that at 4365 ! This indicates money is waiting to get in. Today's action has retraced and closed above 61.8% fibonacci retracement levels of the fall upto 4365. Thus a test of earlier high 4636 is possible.

The half hourly line chart shows the nifty retested breakout level at 4428 and moved up again. This shows that there is strength to take the Nifty to it's target of 4758 shown on the chart and 4428 becomes a strong support and short term reversal point.

Meanwhile a rising wedge has appeared on the Daily charts. It offers resistance at 4656. This may prove a dampner to the upmove. Watchout for support of the wedge at 4393.

Happy Trading !!

Lakshmi Ramachandran


Sujatha said...

Is this 4428 is 38.2% retracement level?

What about ur postings in your "school" mam..


Lakshmi Ramachandran said...

yes it is 38.2% retracement too .have incorporated in the graph now. check it out.
sorry will look into posting articles at the school. It is always at the back of my mind but too overwhelmed with so many things to look into.Will promise to do one by weekend

rajesh dhamani said...

resistance at 4656. This may prove a dampner to the upmove. nifty close just below 4656 can nifty down

madhusudan said...

Good evening madam,
You said yesterday that there is resistance at 4656 which may prove a dampner to the upmove. nifty has closed today just below 4656. I was about to short nifty but resisted myself keeping in mind the upside higher target pointed by you.
Do you think, ma'm, I would have better shorted market at to-day's closing?

madhusudan said...

When,as per your analysis, is our market going to reverse at least in short term?
Do you see any big correction in near term?

Lakshmi Ramachandran said...

read my post for today , please. madhusudan, it is better not to make predictions and be with the trend.