Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, December 21, 2009

Reigning The Nifty - 22nd December, 2009

Daily Line Chart

OBV, the one indicator which was holding above the  trendline from March lows has finally broken down.Now we have one more evidence of bearishness.

Half Hourly Chart

Half Hourly chart shows how one bearish pattern after the other is appearing.

The next support is at 61.8% fibo level at 4950 of rise from 4807 though broken briefly today. The 38.2% fibo level of rise from 4538 is at 4935. The double top target is at 4924.

The 4925 to 4950 level has strong supports. Watch out for a pullback from these levels.However a break from these levels would lead to a test of 4806 low  with a strong support at 4820 from the trendline joining lows of 3918 and 4538 , shown on weekly charts.

Happy Trading !!

Lakshmi Ramachandran




Venky said...

Nice informative posts that help take evasive action and exercise caution before the bloodbath. Thanks for the constant updates.



Anonymous said...

Dear Mam,
Would it be possible to put the graphs which can viewed on the screen without scrolling the chart to the left or right and up and down?

Anonymous said...

Dear Mam,
Could you please post your views on RIL, it is <50 dma and just above 200 dma. When in your view would you buy this stock, given the fact that you are mildly bearish on the nifty.
Also as a general rule when shuld one consider buying a stock when it is in the above case.

Lakshmi Ramachandran said...

there was one more comment asking about charts but that got deleted somehow. Any queries like that and the one by mem please post on the forum at
you will get answers there and maybe by some of the fantastic boarders like rajamani , rjamohan, rahul and girish too