Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, April 22, 2010

Reigning The Nifty - 23rd April, 2010

 Daily Chart

 Daily Chart II

Half Hourly Chart

 Extremely volatile day leaving both bulls and bears whipsawed.The nifty broke the inside day range of 5279-5160 but closed within the  range .Like I said yesterday markets are in a flux and directional trading will be diffficult till nifty finds direction.

Daily oscillators are moving up and  and the half hourly oscillators have moved down from overbought region due to the sharp sell off in the last hour.

Low of 5160 is still held.This supports continuation of the upmove from 5160.However keep in mind that today's action could be the forming of the right shoulder in the bearish head and shoulder pattern with the green neck line. The bearish rising wedge forming supports the view that the right shoulder may indeed be forming.

Support on the lower trendline of the rising wedge at 5245-5268 and on the neckline at 5157.  Resistance is at 5332-5344 as shown on the daily charts.

Long or short be hedged so that  losses are minimum. Time to give more importance to risk management.

Happy Trading !!

Lakshmi Ramachandran


Hemant said...

thanks Lakshmi ji. your clear-cut charts and analysis is very helpful.

bharat said...

Laxmi Sir
Its no Doubt that ur analysis is fantastic and superb.
Actually sir i have been stuck in shorts in nifty ril and many other at 5150 since two months.
Even recently when it was time to exit i didnt in anticipation further fall and getting greedy fr some profits.
Pls help me what shd i do? Has a top been made? as u said said earlier that "Rally Over"
May i still keep holding the shorts or follow ur stoploss of 5344?
Thanks in advance

anurag said...


RIL results can have direct impact on Nifty,due to its weightage on Nifty.

and also please confirm that Nifty is still in sell on rise mode as 5400 is not yet crossed?

Thanks and regards

Lakshmi Ramachandran said...

let me analyse for 26th first and i will try to answer ur questions after that

Lakshmi Ramachandran said...

bharat, if u r alredy short then keep a stop loss or hedge your shorts with a call at 5400. Markets are to be played only with good knowledge. please learn the ropes first and then take positions.

anurag my post for 26th should answer your question