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Thursday, March 18, 2010

Reigning The Nifty - 19th March, 2010

Daily Chart

Daily Chart II

 Half Hourly Chart 

  • Inside day--indecisive day of trading, but maintained the breakout from the channel.
  • Breakout from bullish flag  shown on intraday charts.Pole of the flag measures  5260-5123=140 points. That gives a target of  5242+140=5380.
  • Falling wedge target is 5422.
  • Strong resistances around the 5300 levels shown on Daily Chart II.

Bullish breakout gives weight to the continuing of the uptrend. Inside day questions the continuation of the uptrend , requesting a break of the high of yesterday at 5260.Advance Decline line reiterates this point of view. Oscillators are strong and reached oversold zone on daily charts.The uptrend seems to have taken the shape of a rising wedge, shown on daily chart II, which is a bearish pattern

Booking partial profits would be a good idea and keep a stop loss of 5200 on longs.

Happy Trading !!

Lakshmi Ramachandran


golfdude said...


Any thoughts on shorting the market for the long haul ? Or is this a period for playing individual stocks instead of the whole index ?



Lakshmi Ramachandran said...

trend still up . let some signs of weakness creep in before shorting. I trade only the nifty and have a portfolio of stocks which I keep for long term so cant comment on the second half of your question

Anonymous said...

mam where can i download intraday realtime chart for trading nifty with all indicators

Lakshmi Ramachandran said...

please visit the discussion forum u will get several answers.there was a discussion about this on this page