Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Monday, December 14, 2009

Reigning The Nifty - 15th December, 2009

Daily Chart

Daily Line Chart

Half Hourly Chart

Sideways movement since the beginning of December  within 5051-5182. Since last two trading sessions a sharp sell of  at midsession  is seen with no attempts to recover  the highs of the day. Macd on daily charts has given a sell.

Daily Line Charts forces us to be bearish for a final target of 3850.

Half hourly charts show a bearish Head & Shoulder pattern. Break of the neckline around 5084 will give a 100 point move down to 4984.The trendline joining lows of 4538 and 4806 on daily charts, has support at 4980 for tomorrow. The 200 period ema on half hourly charts is also at 4980. So this should be good support.   4950 is the 61.8% retracement of rise from 4806-5182. If the Nifty takes support at these levels then the uptrend would be intact.

Happy Trading !!

Lakshmi Ramachandran


Girish Desai said...

I am still attempting to understand markets. So just posted something that I found interesting on a 2-day chart.

Nifty fell at the intersection of the two trendline shown in the snapshot.

Lakshmi Ramachandran said...

good going girish. boarders, readers, try to interact for mutual benefit

rani patel said...

thanks for your regular writing on the blog and also for a good discussion forum.Will register soon

Lakshmi Ramachandran said...

rani please join the forum and participate