Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, November 5, 2009

Reigning The Nifty - 5th November, 2009

 The silver lining gleamed and we had a huge pullback on good volumes. The candle however formed an "Inside day" pattern, indicating indecision. Look for the definition mentioned in my earlier posts. Break of the previous day's high or low will set the direction of the  trend.

Daily Chart

 Daily oscillators are just about moving out of the oversold region , increasing the possibility of some more upside.Resistance on the downtrendline from high of 5182 is at 4777 which coincides with the 38.2% retracement level of fall till 4538  at 4780. If this is overcome then we can expect more upsides . Else a resumption of the fall.

Happy Trading !!

Lakshmi Ramachandran


bharat said...

the only blog with crisp consise analysis. thank you

Venky said...

Dear Lakhshmi,

I think this is seriously amazing stuff, coz the Nifty's high today was 4776.35 exactly equal to the level 4777 mentioned by you in the blog. Thanks for the conscise updates. They really help me understand a different facet of the markets.


Lakshmi Ramachandran said...

Thanks bharat and venky. feedback keeps me going