Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Wednesday, July 22, 2009

Reigning The Nifty - 23rd July, 2009

Half Hourly Chart

Daily Chart

  • Nifty reacted at the green trendline shown on daily charts which is joining the January 2008 highs and the may 2009 highs.
  • Volumes were marginally higher but advance declines were only very marginally skewed towards declines giving us no clue about direction.
  • Daily RSI and Stochastics have turned down but not shown any weakness and half hourly oscillators are fast approaching the oversold zone.
  • The 5,10 &20 ema on half hourly charts are once again bearish whereas on daily charts ema's are all bullishly aligned.
  • Nifty is moving in a downward sloping channel and is moving towards the lower trendline where it may find support at 3801.
  • Nifty has strong support around 4300 -- Blue TL on daily chart at 4301 , 38.2% retracement of rise from 3918 at 4313, Nifty below all ema's except 200 period ema which will provide support around 4290.
The downmove today was quite sharp suggesting the move will probably continue and find support around 4300.

Happy Trading !!

Lakshmi Ramachandran