Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, December 30, 2009

Reigning The Nifty - 31st December, 2009

 Daily Chart


Daily Line Chart

Half Hourly Chart

  • Today's black candle was a bearish engulfing candle and gave confirmation to  yetserday's shooting star's bearishness though on low volumes
  •  Negative divergences on daily and weekly charts persist. Daily Line charts show negative divergence with the OBV.
  • The close is below the breakout point of 5182 which takes the Nifty back into the range of 4942-5181.A close below this level will keep the range intact on the weekly and monthly charts.
  • The breakout point on Line charts is at 5148 which will give support.
  • The 5,10 & 20 ema are bearishly aligned. The 50 ema gives support at 5141 .Below this the earlier low of 5129 gives support.
  • Fibo supports are marked on the charts.
The strategy of holding longs till decisive break of the rising wedge continues,  but hedge your longs. Non savvy traders could  keep a strict stop loss of 4940.

Happy Trading !!

Lakshmi Ramachandran




Lakshmi Ramachandran said...

thanks and wish u a happy new year