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Friday, August 13, 2010

Reigning The Nifty 13th August , 2010

Daily Chart

Nifty made a doji with a long lower shadow which shows  support at the lows made today. The bias though is still negative with a lower high and a lower low. The trendline joining the low of 4786 and the latest swing low of  5351 made on 2nd August, has been broken. We may expect the fall to continue or a sideways movement. Breadth continues to be negative and volumes above average.OBV continues to move down . Close is above the 20 dema which is at 5413.70.All EMAs on daily charts continue to be bullishly aligned.

5367 was very good support as I have been showing on the daily line chart since a few days.The low made today was close to it at 5372.Till this level and 5349 on candle charts hold we may not see further fall.The lower trendline of the expanding triangle on half hourly charts is around 5340. The 5349 level has been strong support since the last four weeks. Thus the 5349-5340 level would serve as a deciding factor in the short term.

Resistance is at 5432-5446-5455-5475  and Support is at  5403-5372-5349.

Happy Trading !!
Lakshmi Ramachandran

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