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Thursday, August 12, 2010

Reigning The Nifty - 12th August, 2010

 Daily Chart

Daily Line Chart

Caution call  finally justified . Nifty broke down from yesterday's inside pattern on good volumes with negative breadth. Nifty has taken support exactly at the 20 dema.

The rising wedge shown on line charts has been broken giving a target of around 5175. The support of 5431 broke as indicated by OBV yesterday.The OBV has broken the low of 30th July which corresponds with the Nifty's 5367on line charts and 5349 on candle charts. 5349 is strong support and a break could drag the nifty down to 5225-5200 .

50 dema has support at 5332.The expanding triangle on half hourly charts has support around the 5342 levels.  The nifty may find support around the 5332-5342-5349 levels in the immediate term. This would be a good stop loss level for bulls still holding positional longs .

Resistance at 5430-5452-5462.

Happy Trading !!
Lakshmi Ramachandran

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