Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, August 27, 2010

Reigning The Nifty - 27th August, 2010




Daily Chart



Daily Chart with Oscillators




Inside day. Indecision. Range of yesterday's candle was  5506-5452. Bearish pointer was that trading for the entire day was in the lower part of the range.The recovery was just around 23.6% of the fall of the last 3 days.Bullish pointer was yesterday's low was not violated and thus the 50% fibo level of the rise from 5372 held. The support of the 20 dema too held well. 

Volumes were high and breadth marginally negative.

The oscillators on daily chart have been showing negative divergences on the one hand .They have moved down without reaching over bought levels.  On the other hand, they are also showing strength  with the RSI 14 having held support at 52  during the pullbacks since July 2010.The stochastics too has not gone below the 20 mark. Macd is above zero line. Time to be cautious but not a time to be bearish .

Supports are at 5460-5440-5430-5393.

Resistance at  5490-5501-5512.



Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com

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