Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Saturday, March 20, 2010

Reigning The Nifty - 22nd March, 2010

Weekly Chart

Daily Chart

Half Hourly Chart

  • Weekly still bullish with sixth consecutive weekly rise. 
  • Volumes were low for the week.
  • Breadth was negative.
  • Maintained within the rising channel.
  • Stochastics in overbought region, RSI  moving in tandem with the Nifty, Macd in sell above zero line.
  • Steep rising wedge  which is a bearish pattern.
  • Oscillators in overbought region.
Intra Day 
  • Rising wedge shown in red.
  • Negative divergence on oscillators.
The uptrend continues. Rising wedge along  with negative divergence on half hourly charts makes one cautious. Breadth continues to be a concern to the continuation of the up move. Multiple resistances around  the 5300 mark.

Continue longs with a strict stop around 5221-5214 level.

Happy Trading !!

Lakshmi Ramachandran

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