Reigning The Nifty - 14th January, 2009

 Half Hourly Chart

 Daily Chart

 Daily Line Chart

• The 38.2% retracement level of rise from 4945 levels at 5170 held well 
• The Nifty on recovery today resisted exactly at 5239 which is the 50% retracement level of the fall from 5310 to 5169.
• Trading above the 5256 level, which is the 61.8% fibo level of the fall, is necessary for further upsides.
• Half hourly oscillators are moving up from oversold levels.
• Daily oscillators show signs of moving up without reaching oversold levels which is a sign of strength.
• Daily emas still bulishly aligned.
  

Strategy of holding hedged longs to continue.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com