Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, November 30, 2009

Reigning The Nifty - 1st December, 2009

Monthly Chart

Updating the monthly chart scenario discussed yesterday.  The range from 4538 to 5300 is a congestion zone and the Nifty has to clear this range for further direction. Maintaining above 4800 will be bullish and below that bearish. For this month breaking above 5078 will be positive.

Daily Line Chart


The daily chart scenario is best visible on line charts which I have been discussing since some time. I  am not elaborating on it since the depiction is clear and my words cannot add more to it. The OBV gives a bullish indication since it has not yet broken the uptrendline from March lows, wherea the Nifty has long done so.

Sensex Chart

Sensex shows the bullish move of  today  more vividly with the gap closed and a big bullish candle confirming the hammer like pattern of Friday.

However the levels of 5138-5182 needs to be scaled for one to be outright bullish. Meanwhile be cautiously long  with hedges/ stop losses.

Happy Trading !!

Lakshmi Ramachandran

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