Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Monday, June 21, 2010

Reigning The Nifty 22nd June

 Daily Chart

The Nifty was hugely bullish today with good breadth and volumes. The trendline joining January 2009  high and the high of April 2010 at 5399 has been broken decisively. To maintain the breakout Nifty needs to remain above 5310.

The daily oscillators are showing strength. The half hourly oscillators have turned down from the overbought region.The corrections in the rally from 4967 have been intraday and more in a sideways manner. A sharp fall will be needed to shake the confidence of the bulls. 

The steep rise is giving a dizzy feeling and  Nifty needs to move sideways /down to blunt the steepness.

Resistance exists at 5373-5383-5399.
Supports at 5310-5266-4245.

Happy Trading !!
Lakshmi Ramachandran


Anonymous said...

I think trendline joining Jan 2010 highs and April highs should have an upward slope. What do you say?

Lakshmi Ramachandran said...

Thanks corrected it to January 2009