Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, August 3, 2010

Reigning The Nifty 4th August , 2010



 Daily Chart




Nifty continued making a higher high higher low for the second consecutive day.Volumes were good. The candle however failed to keep up with the bullish candle of yesterday. On the other hand it made a shooting star which has bearish implications. It is not an ideal shooting star but the longer upper shadow , small real body towards the low and the high levels that Nifty is trading at , makes me cautious .Moreover yesterday's bullish candle was not accompanied by good volumes.  There is a  potential head and shoulder bearish pattern which has the neckline at 5350. The oscillators too are not showing strength.



Half Hourly Chart



Half hourly charts show the bullish side of today's trade. Trade was above the 61.8% fibo level as shown on the chart . Intraday corrections found support at that level.Half hourly emas continue to be bullishly aligned.

Conclusion
Nifty continues to be within the 5349-5477 range which I mentioned as a no trade zone. Direction will be clear only after a break from this range. Till the top of 5477 is taken out decisively , chances of breaking the neckline at 5349 seems higher .

Supports are at  5414-5397-5364-5349 and  Resistance at  5445-5459-5477.

Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com

3 comments:

Sachin K C said...

Madam, Nice to see your pic. At last, you did it... :-)

Good Day ahead...

Bala said...

I see a lot of trend lines in your chart, how about adding 22ma or 50ma(one that got earlier support) to improve accuracy

Bala

Lakshmi Ramachandran said...

Sachin, It is nice to be without a face. But my daughter is stubborn and keeps putting it up and changing it too !

Bala, I put up the MAs when is becomes relevant to take cognicance of. Trendlines help define immediate support / resistance.