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Wednesday, March 3, 2010

Reigning The Nifty - 3rd March, 2010

 Daily Chart


Half Hourly Chart

 Nothing to add or minus. Markets dancing as per predicted tune. Raise stops to 4900.Take profits as per targets mentioned yesterday.

( Having to attend to a family emergency so not in a position to detail . )

Happy Trading !!

Lakshmi Ramachandran


Sunil said...

for the last 1 year mkt is constantly making higher top and higher bottom. even the the six months mkt is not ranged. in oct 09 nifty made a high of 5181 and corrected to make a higher low of 4538 and then made high of 5310 in jan 10. Now it has again made a higher low of 4675 and let's keep our finger crossed to see if it makes a higher high. How can it be termed as a ranged mkt?



Lakshmi Ramachandran said...

I think I have explained everything with charts. Also I dont know which "range" you are referring to.Every technical analyst interprets in their own way. You have the right to think it is not ranged .

Sunil said...

thanks for yr response. on yr post dt 28/2 you have mentioned that mkt is in a broad range of 780 points of 4538-5310 for the las six months. whereas my intepretation is mkt is making higher low and higher bottom.

Lakshmi Ramachandran said...

but there is no doubt that it is in a range since October 2009

Sunil said...

just for simple argument sake, now nifty goes on to make a new high above 5310 and then goes to, say, around 4800 i.e. higher low( which has been the pattern in the last 8-10 months, will it be said nifty is in a range of 5400 (just an imaginary figure now) to 4675 (previous low). if yes, then when shall it be termed as mkt in a uptrend?
for me, the best example of a ranged mkt was 2500-3150 range within which mkt played from oct end to mar 09.

Lakshmi Ramachandran said...

the market may be in an uptrend or downtrend .Midway it makes ranges from which it breaks out one way or other. So identifying these ranges from time to time helps in trading.Hope you got my point