Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, July 7, 2010

Reigning The Nifty 7th July , 2010

 Daily Chart

Daily Chart II

A huge white candle after a doji day signals bullishness. The doji indicated indecision which was followed by a huge white candle showing the decision made in favour of a rise.However , till the flag is decisively broken out and the 5367 level taken out, the confusion will continue among the bulls and bears turning them into pigs.The red trendline from January 2008 highs proved resistance once again today.Breadth was marginally positive and volumes very low.

The 5 (in red)  and 10 (in blue) demas show the whipsaw , giving a sell and then a buy again at end of day today. The 20 dema (in green) has provided good support since the 30th of June.The 23.6% fibo level of rise from 4786 to 5367 joins the 20 dema in the support.

The range of 5210-5367 is still unbroken. Unless there is a breakout from these levels whipsaws will continue.

Supports are at 5230-5182-5145.  Resistance at  5293-5330-5367.

Happy Trading !!
Lakshmi Ramachandran

1 comment:

sammsuns said...

Excellent analysis day after day !! as I try & follow all your interpretations.
Keep up the good work going. All the best & god bless always...