Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, October 1, 2009

Reigning The Nifty - 1st October, 2009

Daily Chart

Half Hourly Chart

A bullish monthly and quarterly closing above the 61.8% retracement level of the fall from all time highs .The monthly stochastics has reached extreme overbought levels indicating that a correction is due.

The day's candle was a huge bullish one  with little lower and upper shadow indicating  domination by bulls without any resistance by the bears. I have redrawn the lower red dashed trendline  to show a rising channel from the earlier rising wedge.

The daily and intraday oscillators oscillators are once again reaching overbought zone. 

The resistances are at 5170-5195  and supports at  5000. Intraday supports and resistance are shown on the charts.

Happy Trading !!

Lakshmi Ramachandran

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