Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, March 10, 2010

Reigning The Nifty - 11th March, 2010



Daily Chart



Daily Line Chart




Half Hourly Chart




  • Inside day range of 5092-5147 not broken, but an outside day occured,  which is bearish. An outside day is when the day's candle completely encompasses the previous day's candle. It must have a higher high than the previous day and a lower low than the previous day.A bigger range though would have been more emphatic about trend change.
  • Consolidation/distribution has formed an equilateral triangle which is visible in half hourly charts.
  • Daily oscillators giving mixed signals- stochastics in sell and has moved below 80 level, Rsi14 above 50 line but not showing strength enough to move into overbought region, macd is moving up above zero lin in buy mode.
  • Half hourly oscillators show continued weakness.
  • All moving averages are bullishly aligned on the daily charts.
  • Obv has crossed the previous peak indicating Nifty could cross it's peak made at 5310. 
Markets are  giving mixed signals. New longs taken on the break of the flag formation would have been caught on the wrong foot with a false breakout , only to turn up once again.Look for short term direction on break of 5147 -5092 range.

The trend however is up . So continue longs  with a stop loss of 5050 . Longs with a longer term view should wait for a break of the uptrendline from 4675. New longs to be taken only if breaks out of the triangle on the upside.




Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

4 comments:

Sujatha said...

Wah... Sooooooooo early updation..

Thanks a ton :)

Regards

Sujatha said...

Aha, what a confusion state this Nifty is showing . like our politics :P

Regards

Babysoft Software said...

MADAM,
I AM A MEMBER OF BOB. KINDLY GIVE ME FULL TECH ANALYSIS ON SHREE ASHTAVINAYAK CINE VISION. PRESENTLY THIS SHARE IS SHOWING HUGE VOLUME.
YOUR NIFTY ANALYSIS IS VERY GOOD.
THANKS.

Lakshmi Ramachandran said...

member of BOB? also i dont track ashtavinayak. why dont u put ur query on the discussion forum? you may get the answers