Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, June 18, 2009

Reigning The Nifty - 19th June , 2009

Nifty Half Hourly Chart

Nifty Half Hourly Chart

Nifty Daily Chart

Fall continues. Nifty has as of today broken the uptrendline drawn from the lows of the uptrend. All daily momentum indicators are weak. If we manage to trade above 4252 levels we may have a small pullback else falling towards 4092 -3925 seems imminent. Advance decline figures were skewed in favour of declines for the 9th day in a row.

Not much can be read into the half hourly charts except that it is finding support on the trendline. The fall has been continuous and may continue tomorrow. Expect some short covering as it is last day of the week.

Weekly charts support at 4140.

Happy Trading !!

Lakshmi Ramachandran


Sujatha said...

If 4140 held @ EOD then shall we go for a long? or else let us take a fresh move on Monday?

Thanks in advance

Lakshmi Ramachandran said...

Well, I normally take trades on weight of evidence. So will analyse when the situation comes. Yes I would cut my shorts if the support holds

A J said...

hello Lakshmi

My first comment on your blog!!!

i have been following fib nos for some time now but i don't find them particularly useful to trade just using them for either trade direction or even targets...though they are good in buying on pullback s(but the pullback may never come!!)

For example the below chart of nifty

4537-4412 have been used as Fib reference points and we get levels based on that...but why only these levels why not 4693-4523 or 4600-4411 or 4693-4411?

we can choose infinite points to draw fib numbers which will give infinite fib levels....more over we can further draw level on different time frames like 1,5,15,30,60 mins,1day,1week ,1 month...that will virtually give every number a fib level !!!

if you can explain the basis of selecting points of reference on different time frames that will be great...i can see that you use them quite a bit in your trading decisions thats why your feedback will be appreciated

your charts are excellent....but the best part about your blog (unlike others )is that there are no advertisements ....i make sure that i check your blog a night before trading ...thanks...keep up the good work and best wishes

Lakshmi Ramachandran said...

am really caught up in some personal work and have not been able to answer earlier comments of mem too. please bear with me and i will surely reply soon. remind me if i forget