Reigning The Nifty - 13th January, 2009

 Daily Chart

 Daily Line Chart

Half Hourly Chart

• An outside day occured which signals bearishness.
• The range of 4942-5310 was broken on the downside and close was below the 23.6% fibo level of rise from 4945.
• Oscillators on daily and half hourly are weak and signalling more downside.
• 5,10,20 & 50 ema on half hourly charts bearishly aligned.
• A close below 5147 will open up the possibility of a test of 4945 as it was the peak value of the double bottom of 4944. Refer Daily line chart
• Advance Decline line was negative after a constant rise since 21st December, 2009.

Only a close below 5160 will turn the trend bearish. Till  then  continue  hedged  longs.

 

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com