Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, November 4, 2009

Reigning The Nifty - 4th November, 2009

 Bulls have gone into hiding and bears are having a free play ground. Nifty closed below 3rd September lows but OBV yet to go below it's respective low.Silver lining.

Daily Line Chart

 All daily oscillators oversold.  Around the 4550 level  is 50% retracement level of rise from 3918 and 23.6% retracement level of rise from 2539. The Nifty touched 4538 levels today and closed at 4564.Watch and wait for signals of fall abating. Till then the bears can keep a trailing stop loss to protect their profits and the bulls can turn bears after a bounce.

Happy Trading !!

Lakshmi Ramachandran

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