Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, July 20, 2009

Reigning The Nifty - 21st July, 2009

Daily Chart

Half Hourly Chart

Bullish Observations

  • Moving Averages bullishly aligned on all charts.
  • Oscillators on daily and intraday charts strong, daily macd moved above zero line in buy mode.
  • Breakout from falling channel confirmed with huge white candle giving a target of 4810.
  • Having scaled the 61.8% retracement levls of fall from 4693-3918, clearing 4693 is a strong possibility.
  • Advance Decline figures is strong.

Bearish Observations

  • Rising wedge on half hourly charts, break down of which could lead to some correction.
  • Trendline joining January 2008 peak and recent high at 4693 will be strong resistance.
  • 61.8% retracement of fall from 6357 to 2252 offers resistance at 4788.
  • Rise has been too sharp so possibility of a correction is high.
Continue with longs keeping a trailing stop loss of 4300.

Happy Trading !!

Lakshmi Ramachandran

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