Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, December 15, 2009

Reigning The Nifty - 16th December, 2009

Half Hourly Chart

Daily Line Chart

 The weakness was evident since last few days and I had mentioned that  "Since last two trading sessions a sharp sell of  at midsession  is seen with no attempts to recover  the highs of the day".The Nifty made a huge black bearish candle today.

Head and shoulder neckline at 5084 broken giving a target of 4984

Double top at 5182 confirmed by break of the trough at 5051 giving a target of 4924

Fibonacci supports before reaching these levels is marked.

Daily Line charts next support is at 4942.

Trade with appropriate stops as per risk profile

Happy Trading !!

Lakshmi Ramachandran


rajamani said...

hi lakshmi mam,

yesterday u have given a query in the forum

my judgement is not based on any theory or academic rules but purely based on atr and macd values combined with the -ve divergence on weekly charts.

further in weekly charts nifty had flat closing followed by a-ve opening on monday,as we all know doji followed by negative opening at the top is omnious

so that i made such a statement. in markets i don`t have any super brains to foresee tops and bottoms

for regarding atr u can search in SUNILJI`S blog timamo.blogspot

and i too have posts in my blog

and for macd u can visit ilangoji`s blog


Lakshmi Ramachandran said...

thanks for the explanation. i am putting it up at the forum so all can read