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Om  Sri  Ganeshaya  Namaha
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Saturday, June 26, 2010

Reigning The Nifty 28th June , 2010

 Weekly Chart

Weekly Chart II

Daily Chart

Weekly Chart

Nifty has formed a shooting star which is highly bearish. The fact that the move past 5367 to scale the previous peak at 5399 made 2 months ago has been eluding , adds to the bearish possibilities. The stochastics is overbought, the Rsi 14 continues to make lower high and lower low since October 2009, Macd too has been in tandem with the Rsi 14 and is in a sell mode. Only a move above 5367 will nullify the bearishness.

Chart II shows the downtrendline from January  2010  joining highs made in the rally from March 2009, has been resistance at first but finally scaled to make new highs in the rally. The Nifty may thus correct some more only to finally scale the trendline.

Resistance is at 5290-5367-5399  and Support at  5179-5059.

Daily Chart

The inside day range was broken on the downside but the close is still inside the range.The breakout from the uptrendling channel and the downtrending  line from January 2008 highs proved false . Oscillators and OBV have moved below immdediate trough made on 18th June . Nifty's corresponding low is at 5245.Possibility of breaking this low  is high.

Support at 5207 which is the channel support. Resistance is at 5304-5367.

Happy Trading !!
Lakshmi Ramachandran


S N said...

Hello, I find your comments are identical in the blog :

Are you same ..Please clarify. Thanks.

S N said...

Hello, Your views are idnetical in the blog :

Are you same.. Please clarify. Thanks.

Lakshmi Ramachandran said...

thanks fro making me aware. That is definitely not my blog. I am at a loss what to do with these copycats

sachinadvai said...

I have never seen such an unbiased technical views, everyday its helping me.

Lakshmi Ramachandran said...

Thanks sachin