Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, October 16, 2009

Reigning The Nifty - 16th October, 2009


Half  Hourly Chart

 Daily Chart

A Doji on daily charts on volumes higher than that of the bull candle days. The action formed a pennant on half hourly charts. Intraday oscillators are working off the overbought condition and daily oscillators are once again entering the overbought zone. Reason to be cautious as weekly oscillators too have been overbought for some time now.The 4904-4950 should be strong support levels which have not been broken since 24th September.

Target remains 5250 with a stop at 4950 .A weekly closing above 4903 will keep the bullishness alive.

Trade long but cautiously.

Happy Trading !!

Lakshmi Ramachandran

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