Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, May 2, 2010

Reigning The Nifty - 3rd May, 2010

Monthly Chart

 Weekly Chart

 Daily Chart

Half Hourly Chart

Monthly Charts 
  • A higher high and a higher low continues but on falling volumes, breadth, and contracting range, forming a rising wedge which is bearish.
  • Oscillators continue showing negative divergence.
  • Support for the month at 4997 and resistance at 5487.
Weekly Charts
  • A higher high and higher low but showing  indecision in the doji's formed for the second consecutive week.
  • Oscillators are weak after showing negative divergence.
  • Volumes have been average.
  • Support for the week is at 5198 below which the downward momentum could accelerate.
Daily Charts
  • Bullish candles since the last two days yet not been able to retrace completely the fall on the 28th April.
  • Oscillators are weak and moving down making lower highs and lower lows.
  • 5 ema is below the 10 ema showing waning bullish sentiment.
  • 50 dema at 5199.
  • Range contracting  from 5400-5160 to  5342-5202  implying extreme indecisiveness. Expect  blowout effect when these ranges are broken.
Half Hourly Charts
  • Barring the 50 and 200 ema all other 5,10,20 are bullishly aligned.
  • Oscillators are neutral.
The medium term charts though bullish have been started showing bearish indications, which should putlongs on alert. The  coiling effect seen by formation of the equilateral triangle will sooner or later give way to a sharp move. Possibilities of it being on the downside is more.

Keep positions, long or short, hedged. 5200 should be the stop loss for longs and  5350 for the shorts.

    Happy Trading !!
    Lakshmi Ramachandran


    Navnnit said...

    Hi Laxmi,

    If you are using Amirboker for charting, make canldes colourful, go to preference / colour then select up candle as green and downcanldes as red, if you want to change background, you can select choice of your colour.


    anurag said...


    Thank you! for the response


    Girish Desai said...


    Awesome charts! I might need another 10 years to get to this level of detailed analysis :) Well, may be even after that I may not be as good.

    Lakshmi Ramachandran said...

    navnit i use metastock.also i like to keep it simple so the concentration is more on the technicals rather than eye catching colors
    girish thanks for the flattering comment