Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, September 15, 2009

Reigning The Nifty - 15th September, 2009

 Daily Nifty Chart

Daily Sensex Chart

Nifty Half Hourly Chart

The second day of lower top lower bottom and the fifth day of aimless small range trading. This action has formed a tiny head and shoulder bearish pattern . The low of 4782 has been maintained forming the neckline and is now a good support. Break of this support will open possibilities of testing earlier low of 4576. The head and shoulder target is 4685.

The intraday 5,10 and 20 ema continue to be bearishly aligned. Daily Oscillators continue showing negative divergence. Intraday oscillators are  all weak below their 50 line. Volumes were extremely low. Short term bias is mildly negative.But shorts are not advisable.Only on break of lower trendline of rising wedge (which is more clear on the sensex) should one go short.

The tight range trading is sure to give way to a big move either side.
Good supports exist  at  4760-4714-4680 .

As advised partial profits have been booked and remaining longs hedged, being prepared for a reversal and at the same time to  enjoy the remaining ride if the uptrend continues.

Happy Trading !!

Lakshmi Ramachandran


Krishna said...

Thank you madam. Have a nice day!

Rani said...

good advice lakshmi especially when everyone is trying to short