Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, August 19, 2009

Reigning The Nifty - 20th August , 2009






Half Hourly Chart



Daily Candle Chart


Daily Line Chart



Observations
  • Moving Averages on intraday charts all bearishly aligned. On daily charts the short term averages are bearishly aligned viz.5/10/20 dema.
  • Nifty traded below 50dema intraday but closed above it.
  • Nifty traded below the uptrendline from March 2009 lows intraday but closed above it. Closing below it would be very bearish.
  • Daily oscillators are weak and the stochastics has entered the oversold zone.
  • The neckline shown in pink on half hourly charts was once again tested but Nifty managed to stay above it. Break would give a downmove of around 350 points.
  • Intraday oscillators are showing minor positive divergence.
Nifty is deteriorating by the dayand looks ripe for a breakdown soon. Bears are slowly but surely getting the upper hand.However till Nifty stays in the range of 4350-4731 trade will be choppy and only a break in either direction can give a respite from the seesaw. For the time being be light and trade with strict stop losses.


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

2 comments:

Lakshmi Ramachandran said...

sorry had net problems and cldnt upload

SANDEEPARORA said...

THANKS