Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, March 16, 2010

Reigning The Nifty - 17th March, 2010

Daily Chart

Daily Line chart

Half Hourly Chart

A Huge bullish candle after a series of  near doji candles, retracing more than 80% of the fall, which resisted exactly on the upper trendline joining  the tops made in the rise from 4675..Breadth too was positive.The only negative point was the low volumes

In my post for the 11th of March , I had written, " Obv has crossed the previous peak indicating Nifty could cross it's peak made at 5310". The Nifty seems to be  behaving exactly on lines of the OBV and  moving towards 5310. The 261.8% retracement of fall from 5158 to 5101, shown on half hourly charts may prove a barrier at 5250.

I am posting the Daily Line charts once again,  showing the falling wedge target of 5422 , which I had earlier mentioned in my post for 2nd March. If the top of 5310 is scaled , Nifty could move towards this target.

The Nifty has built a good base around  5092-5100  levels. This should serve as a good stop loss for longs.

Happy Trading !!

Lakshmi Ramachandran

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