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Wednesday, April 14, 2010

Reigning The Nifty - 15th April , 2010

 Daily Chart

Daily Chart II

Half Hourly Chart

  • The Inside day range remained unbroken, leaving traders confused about the direction of the immediate trend.
  • Daily oscillators including the OBV have broken below the respective lows made when Nifty made the low at 5049 indicating the Nifty may correct further.
  • Half Hourly oscillators are in neutral zone.
  • The fall since Nifty touched 5400 has been at a very slow rate on very low volumes which favours an upmove after the consolidation. 
  • Nifty is on the lower end of the green triangle shown on half hourly charts.Thus if Nifty remains above 5300 we may have a test of  5360-5370.
Nifty has been in a sideways move since hitting 5400. Only a break above this level or a break below 5290 will give direction. Supports are at 5290-5255-5235 and resistance at 5370-5383-5400-5450.
    Happy Trading !!

    Lakshmi Ramachandran


    golfdude said...


    what is the 5085 line in daily chart-2 ? I understand the two range lines above ( even there how did you mark 5445 ? ).



    Lakshmi Ramachandran said...

    both are trendline resistance and support for the day