Reigning The Nifty - 26th March, 2010

Daily Chart

Half Hourly Chart

• Bullish candle on high volumes which broke above the inside day range but could not manage a close above it.
• Breadth was negative leading the advance decline line to move lower which is a negative .
• Stochastics and Rsi 14 are overbought on daily charts.
• Intraday oscillators are in neutral zone after giving a positive divergence.
• Breakout above down trendline joining Jan 2008 and Jan 2010 highs which is a positive.

The break from the rising wedge seems to have led to a sideways correction.Only a break above the high of 5310 will set the momentum for further upsides.A break of 5187 on the lower side will lead to further downsides. Meanwhile being neutral would be the startegy.

Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com