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Tuesday, October 27, 2009

Reigning The Nifty - 28th October, 2009



Daily Chart





  • Big Black Bearish candle on high volumes.
  • Close under 50 dema. 
  • Close below strong support of 4900.
  • Next support comes at 4785. 
  • Channel break target is at 4750. 
  • The neckline of the inverse head and shoulders is at 4700. 
  • Incidentally 4700 is the 38.2% retracement level of rise from 3918 to 5182.
  • Daily oscillators have moved below their August lows corresponding low of Nifty is 4353.Remember momentum precedes price. So a test of this level is very much possible.
  • Daily stochastics in oversold region. so a bounce could be on the cards.

Half Hourly Chart




  • Supports are at 4785-4760-4700-4575.
  • All half hourly oscillators are in oversold region and the Rsi14 has shown a positive divergence.
Seven days of continuous fall and a loss of 350 Nifty points. Oscillators are oversold and important supports are approaching. Caution on shorts as a bounce may be in the offing.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

2 comments:

rajamani said...

hi lakshmi mam

you have said

"Daily oscillators have moved below their August lows corresponding low of Nifty is 4353.Remember momentum precedes price. So a test of this level is very much possible."

kindly explain in brief with chart

regards
rajamani

Lakshmi Ramachandran said...

answer on discussion forum under the topic Nifty Technicals

http://www.vipreetsafetrading.com/forum/index.php?sid=69154ea3ec9718f75c321dca2b04e014