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Om  Sri  Ganeshaya  Namaha
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Friday, May 14, 2010

Reigning The Nifty - 14th May , 2010

Daily Chart

Half Hourly Chart

Daily Line Chart

Today was an unimpressive higher high higher low candle. Intraday the Nifty managed to breakout of the channel but could not sustain above it as the 50% fibo level of rise from 4984 proved strong for the fourth consecutive day. The volumes were low and breadth marginally positive.On daily line charts the Nifty has given a breakout from the down trending channel.

Half hourly oscillators have started moving down from overbought regions after showing negative divergence. Amongst half hourly emas the 5 and 10 ema are once again bearishly aligned showing short term bearishness. The 200 ema is at 5183 and will prove resistance.The 50 ema will be support at 5158.

Daily oscillators are moving up from oversold levels.The short term dema 5,10 and 20 are bearishly aligned. The 50 dema too offers resistance at 5181 and 20 dema at 5192.. Down trending channel on daily charts offers resistance at 5179. 5212 is the  top made  on the rise from recent lows at 4984. The Nifty needs to cross  the range from 5181 to 5212  for further upsides.

The Nifty may move higher till the support from trendline joining lows from 3918 is held. The daily line charts which are end of day charts and give a more powerful message than bar charts, have given a breakout from the channel. However watch for a break from the threatening rising wedge on half hourly charts  to cover longs.

Happy Trading !!
Lakshmi Ramachandran


Unknown said...

Nice blog
Iam also interested in financial markets
Envy you - becoz u being a lady u could kick ur job
iam also stuck in a job that i dont like-- but my job pays my bills
visit my blog and comment-- I want to create a link to your blog in mine----ok?????????

Lakshmi Ramachandran said...

u r right.
yes u can create a link to my blog.