Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, October 23, 2009

Reigning The Nifty - Week Ended 23rd October, 2009

Down week on low volumes.Made a higher high and lower low compared to last week.

Weekly Volume Chart

4950 levels intact .The uptrendline from March lows gave very good support at 4983. The support was hit in the first few minutes and intraday  it was tested 3 times  as shown below.


Support for  coming week on this uptrendline is at 5054 and staying above this level will be a herculean task for the Nifty as these levels are proving strong resistance since last two trading sessions.

Weekly Chart

 Weekly oscillators are in overbought region and have moved below the low made on 9th October which is the 4921 level made by Nifty. So the possibilities of this support breaking is high. Target of 4757 mentioned yesterday might be achieved.

Happy Trading !!

Lakshmi Ramachandran

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