Reigning The Nifty - 29th December, 2009

Weekly Chart

Daily Chart

Daily Line Chart

Half Hourly Chart

 

Weekly Volume Chart

• A big bull candle on weekly charts.
• The Nifty  is still stuck in the range of 5181-4942 though there was an intra day break above 5181, which could not sustain.
• The Line charts paint a different picture , showing a breakout from the previous highs of  5148. This move confirms the double bottom made at 4942 giving an immediate target of 5354.
• Moving Averages on all time frames are bullishly aligned.
• Macd on daily charts has given a buy.
  
• Negative divergence in daily and weekly time frame still persist.
  
• The half hourly charts show a minor negative divergence 
• Though the weekly volume is low, it is due to the truncated week.
• Volumes were low on the down days of the week and high on up days.
  

Markets are  bullish as the fall in seven days was recovered in three days ! Trade long till a decisive break of the trendline joining lows of 3918 & 4538 which forms the lower trendline of the rising wedge.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com