Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, September 1, 2009

Reigning The Nifty - 1st September , 2009

 
 
 Daily Chart 



 
 Half Hourly Chart
As anticipated the upper trendline of  the rising wedge proved stiff resistance and the Nifty corrected by more than a  100 points intraday and  closed down by 70 points. Fall was on higher than average  volumes which is concerning. However breadth was surprisingly positive.Support of  4650 was violated  intraday but closed above it. 
Intraday and Daily oscillators  show some more room for downside. Only the intraday stochastics has given a buy from oversold region. This may lead to a small bounce which could get sold into. Short term moving averages, 5,10 & 20  period, on half hourly charts are now bearishly aligned.
4582 should be good support. If this is broken we may see 4500.  4507 is the support on trendline joining lows of 3918 made on 13th July 2009  and 4353 made on 19th August 2009 .  Other support levels are marked on the charts.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

2 comments:

SANDEEPARORA said...

THANKS MAM I THINK YOU HAVE WRITTEN H/H CHART TO DAILY CHART

Lakshmi Ramachandran said...

thanks corrected