Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, September 1, 2010

Reigning The Nifty - 1st September , 2010 and Monthly Chart View

Monthly Chart

The monthly candle maintained a higher high higher low for the third month in a row but formed a  doji with a long upper shadow which is bearish. Volumes were very low.Breadth was extremely negative. Monthly oscillators continue showing negative divergence. Supports are at 5040 and Resistance at 5440-5520.

 Daily Chart

Nifty has made a bullish hammer at the  important support  of 5349 and has once again closed above the pink trendline and the 5400 mark.Daily stochastics and Intra day oscillators  are extremely oversold justifying a bounce. Daily Rsi 14 and Macd however continue moving down.

Resistances are at 5425-5440-5449-5472  and Supports are at  5392-5381-5374-5349.

Happy Trading !!
Lakshmi Ramachandran

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