Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter http://twitter.com/#!/lucksr

Monday, June 14, 2010

Reigning The Nifty 15th June , 2010



Daily Chart



Daily Chart II




Nifty has made a decisive breakout from the green and blue downtrending lines and the 61.8% fibo level of fall from 5400 to 4786. The breakout is also  from the 2 week range of 4961-5148. This gives a target of 5335. The green trendline is  the neckline of an inverse head and shoulder, giving a huge target of 5513. Earlier the falling wedge had given a target of 5380.Breadth was good  but volumes were not impressive.

A lot of hurdles need to be crossed on the way, the first of it being at 5212 which proved great resistance since last one month.5240 is the upper trendline resistance of the rising channel. 5277 would be the 80% retracement level of fall from 5400 to 4786. Daily line chart shows the importance of a close above 5205 which was the breakdown point .

Supports are close by at 5171-5119-5050 as shown on the chart.



Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com

3 comments:

Unknown said...

Dear Sir Please Give me Daily Intraday Options Tips in Market Time..

my mail id and gtalk id -- amahalder@gmail.com

Thank You..
Arnab

Lakshmi Ramachandran said...

I am sorry I do not give tips intraday. You may join the discussion forum where we do discuss options

rani patel said...

Good point about the 5205 resistance on line charts.