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Sunday, April 11, 2010

Reigning The Nifty - 12th April , 2010

Weekly Chart

 Daily Chart

 Daily Chart II

Half Hourly Chart

Weekly Charts
  • Bullish candle shows continuing uptrend for the9th week on good volumes and improving positve breadth.
  • Stochastics has given a sell in the overbought zone.
  • Macd in buy.
  • Rsi 14 below 70 level but finally crossed it's earlier peak of Jan 2010.
Daily Charts
  • Inside day pattern showing indecision.
  • Negative divergences in oscillators stochastics  Roc 12 and Rsi 14.
  • 5291 first support and 5235 second strong support.
  • High of inside day pattern 5383 and low 5290.
Half Hourly Chart
  • Maintained within channel shown
  • Oscillators moved up from oversold zone and now in neutral territory.

The weekly charts show continuation of the uptrend. On daily charts, Nifty has formed an Inside pattern and only price action can confirm whether there will be an upward breakout or downward. Half hourly chart shows the support from the channel at 5305-5315 and resistance at 5407-5416 for the 12th April.

The trend is still up and if one must trade then it must be on the long side with a stop loss of 5290.

    Happy Trading !!

    Lakshmi Ramachandran

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