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Thursday, July 30, 2009

Reigning The Nifty - 31st July,2009






Half Hourly Chart




Daily Chart Showing Channel Target




Daily Chart


  • Rangebound and volatile between 4500 and 4600 since last 5 trading days. I am not counting the lows till 4421 as they were swallowed without leaving much trace.
  • Daily stochastics in sell , Macd in buy and above zero line and RSI14 turned up again and above 50 level. Intraday oscillators strong .
  • Back above the downtrendline from January 2009 highs. If maintains above it then Nifty could target 5225.
  • Moving averages on all time frames are bullishly aligned .
  • Today was a bullish engulfing candle, which, though appears bullish could be a signal that the trend is about to end as the last of the herd may be buying from the smart traders who are selling. "A big bullish Engulfing pattern observed at the top of a trend usually represents the last gasp of the trend." Tomorrows action should confirm whether it is the last gasp or a fresh breath of air.
Tomorrow is a weekly as well as monthly closing which would help us get a broader view of the action of this month. All time frames are bullish now and i would remain long with a stop at 4380 on closing basis. Keep light till the 4600-4693 levels are taken out decisively.


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

10 comments:

Manotosh sasmal said...

HI,
Really ur analysis is very interesting & help me to learn deeply.
Carry on---
Thanks very much--
Manotosh

rrknan said...

i do not conisder yesterday candle as bullish engulfing. It is more of an inside day

Rishi Bhatnagar said...

Your Analysis is simply the best, Ma'am! A million thanks to you.

SANDEEPARORA said...

THANKS

Lakshmi Ramachandran said...

Thanks everyone.
rrknan
how can it be inside day when it made a higher high? it is bullish engulfing since the real body was engulfed

cdmoorthy said...

Looks like Some one in the name neha agarwal of orange financials, bangalore is copying & using your analysis.. I saw it in this following link -

http://www.vfmdirect.com/forums/show.cgi?topicid=1249077234#1249077234

Please take care..

Regards.

C.D.Moorthy
Chennai

Sunil Saranjame said...

Hi Laxmi, frankly I'm surprised when you said "range bound and volatile between 4500 and 4600"

How do you measure volatility?

Thanks,

ss :)

sanket said...

lakshmi ji u shld see this

http://www.vfmdirect.com/forums/show.cgi?topicid=1249077234#1249077234

its exact copy paste of ur blog post of today

Lakshmi Ramachandran said...

ss
i did not measure volatility. the ups and downs made were enough to say it was volatile

Lakshmi Ramachandran said...

dear sanket and cd moorthy
thanks for telling . i think i am going to make the blog restricted entry