Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, August 3, 2009

Reigning The Nifty - 4th August, 2009

Daily Chart Showing Rising Channel

Daily Chart

Half Hourly Chart

Today we achieved the fourth target of 4693 of which I have been mentioning since some time.The next target is 4788 which is the 61.8% fibo level of fall from 6357 to 2252. Close to that is the channel target of 4812 shown on half hourly chart. The rising channel shown in blue dotted line on daily charts has resistance at 4854 and support at 4590.

As the Nifty rises without sizable correction the risk of a correction increases.Volumes were low and Oscillators are not keeping up with the price. The half hourly charts show a rising wedge, break of which could give a 300 point downmove. Caution is advised for the short term, so use trailing stop losses on positional longs.

Happy Trading !!

Lakshmi Ramachandran


rajamani said...

hi lakshmi mam,

at which point in weekly chart we come to the conclusion that it is breakout and we should go for buy on dips(or a breakdown we should go for sell on rise)


Lakshmi Ramachandran said...

read the dow theory



rajamani said...

where can i get it mam is this correct?

Lakshmi Ramachandran said...

if u do a google search you will get many sites..I read it from edwards and maggee

Ashish said...

Sir, just another point,
the mark u r mentioning on the chart is not good enough, anybody can delete that ...

better would be to go for watermark in the chart

if u have photoshop, i can tell u the steps to do it, its just a hardly 20 sec procedure.


Lakshmi Ramachandran said...

Thanks ashish
will look into it. thanks to orange financials i amd going to be more tech savvy