Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, April 19, 2010

Reigning The Nifty - 20th April, 2010

 Daily Chart

Half Hourly Chart

  • Bearish candle taking support on the 50 dema and the downtrendline joining tops of Jan 2008 and 2010.
  • Falling wedge on daily charts which is bullish.
  • Daily oscillators weak, Rsi 14 below 50 level and stochastics in oversold area.
  • Half hourly charts show movement in a steep down trending channel .
  • Positive divergence seen in half hourly oscillators.
Bounce from the 50 dema and  the downtrendline joining tops of Jan 2008 and 2010 could continue. Positive divergence on half hourly charts supports this.

Resistance at 5230  and support at 5139.

The short term trend is down and one should look to go short on rallies till 5400 is taken out.

Happy Trading !!

Lakshmi Ramachandran


sagar said...

thnks for ur view, m holding nifty at 5178, should i hold or exit.. wat should be my stoploss.. thnx for ur advice

Anonymous said...

thanks for ur views