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

  • 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


Lakshmi Ramachandran said...

sorry had net problems and cldnt upload