Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, November 3, 2009

Reigning The Nifty - 3rd November, 2009

The  range of  5182  to  4921 broke down early in the week giving a move of 260 points  and reluctantly stopped at 4687 almost close to its target of  4660. The 4660 level should be good support as there is a confluence of supports around this level of 4660- 4700.

Weekly Chart

Daily Chart


Daily Line Chart

  • 38.2% retracement of rise from 3918 to 5182  @  4699
  • target of range break from 5182-4921 is 4660
  • .Neckline of inverse head and shoulders  @  4655 to 4706 (have made this range as shoulders are a little uneven.
  • 61.8% retracement of rise from 4353 to 5182  @  4669
  • Daily line chart shows important support on ;ower trendline of rising wedge at 4665

Oscillators are oversold on daily charts and a bounce is due. Weekly oscillators have moved down from  overbought territory. The weekly Rsi14 has broken low made in July . Corresponding low of Nifty is 3918.Weekly Macd has given a sell.

The trend is now down and  the strategy should be to sell the rallies from now on.

Happy Trading !!

Lakshmi Ramachandran


Sujatha said...

All your levels achieved. what next any intra special?

Is nifty 5 min chart (friday) showing double bottom @ 4690 ? any falling wedge?

Thanks nd regards

Lakshmi Ramachandran said...

sujatha my mum is in icu and am barely getting time to write my daily analysis. sorry but hope the daily write up helps

Sujatha said...

Extremely sorry mam.. @ this juncture also u r still updating your blog with your's really showing your inner strength.

Will pray God for her speedy recovery and may God bless you.