Daily Chart
Daily Chart II
Half Hourly Chart
"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".
Paying heed to caution and maintaining stops certainly paid off. The Nifty made a Big bearish candle wiping out the gains of the last two days and just managed to close above the low of 5177 of the candle of last thursday . It also broke down from the rising wedge.The rising wedge was of the height of 437 points. Target comes to 4784. The daily stochastics is moving down after giving a negative divergence.
Retraced 50 % of rise from 5101 to 5270. Supports are at 5101-5000-4833-4675. Refer daily chart II.
Maintaining above the down trendline from Jan 2008 highs could see the Nifty reach higher highs.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
5 comments:
Hi Lakshmi
I have been visiting your blog for some time now...precisely from this post
http://vipreetinvestments.blogspot.com/2009/05/reigning-nifty-19th-may-2009.html
that's in my browser's favorites...Lately I have been busy with market research so have been an irregular visitor..
I can see that you have been using Metastock,and previously you have said its one of the best trading softwares...Although you have answered this question before...but can you tell me how do you get data feeds to Metastock?...I cant afford to pay exorbitant prices for data feeds...can you suggest some affordable data feed for Metastock?...Is there a way to transfer data from PIB(power indiabulls ) to Metastock?...I have got PIB and Metastock RT on my system..
Thanks and regards
Respected Madem
Very good .Thanks for the caution . Will you please explain with a chart the last sentence " Maintaining from Jan,2008 ...
To day @ any point of time buyers are more than sellers but nifty drifted .Will you please explin the phenomena
Thanks
Sundari
anuj there are many vendors for data feed. just do a google wfor metastock data feed with your city name. i dont think pib can work. seriously dont know
bala see the first chart properly u will see the trendline mentioned
kool...thanks
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