Reigning The Nifty - 18th February, 2010

 Daily Chart

 

Half Hourly Chart

• Bullish candle on higher volumes than the last few days.
• Closed above the 20 dema and the 5 & 10 dema are now bullishly aligned.
• Daily macd in buy since yesterday.
• As shown by the three elipses on half hourly chart we are at important resistance and only a move above it at 4951 will keep the bullishness alive.
• 50 dema resistance at 4975.
• Weakness below  4887 and strength above 4951.
• Important support at 4784.

The daily charts have shed some bearishness and  become mildly positive. But 4951 is proving huge resistance and Nifty is being sold into even before reaching the level. Further bullishness only after crossing this level and closing above it.

Longs can continue with a stop of 4784.

 
Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com