Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, August 25, 2010

Reigning The Nifty - 25th August, 2010

Daily Chart

Nifty witnessed profit taking. I would not call it selling as selling as the ferocity that selling needs was missing.The fall was gradual with pullbacks.The profit booking was across all stocks as the breadth was negative and volumes huge on declining stocks.Total volumes were much higher than  yetserday.

Daily Oscillators have the negative divergence intact.Oscillators on half hourly charts are moving up showing there could be a pullback. The put call ratio remains high cautioning a fall.

Support taken exactly at the 10 dema at 5488 and at the 38.2%  retracement level of rise from 5372 which is at 5486. Further fibo supports of this range is at  5460-5440. The 20 dema is at 5456. The last significant low was made at 5372 . The 50 dema is at 5378.

Supports at 5488-5460-5440-5372.

Resistance at 5513-5528-5547.

Happy Trading !!
Lakshmi Ramachandran

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