Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, September 26, 2010

Reigning The Nifty 27th September , 2010

Weekly Chart

A good bullish follow up candle for the week on good volumes but falling breadth.Negative divergence continues in Rsi14,Macd and Roc12.The oscillators have however started moving up and macd continues to be in buy. The three bull candles in a row speak of a strong uptrend. At this juncture it is better to keep supports in mind and trade with sensible hedging to enjoy the ride, as liquidity driven rises can go to any heights. Support at 5860  and Resistance is at 6129.

Daily Chart

Daily Charts show a range formed in the last four days between 5932 and 6037. The steep channel has still been maintained. The support level though is going higher at a steep rate by the day which will be difficult to maintain thus should result in a sideways or downward correction soon.This does not mean going short. I would not , till a good close below 5350 which is the intermediate swing low.Oscillators Rsi14 and Stochastics are overbought.

Half Hourly Chart

The half hourly charts show a bullish breakout from the falling wedge shown on Thursday.Support was taken at the 38.2% fibo level which is also a bullish signal. This could give a move till 6193.

Daily Chart II

At last successful at drawing a bearish pattern -- a rising wedge with support at 5920 !!

Supports are at 5966-5951-5920-5874.  Resistance at 6037-6050-6100.

Happy Trading !!
Lakshmi Ramachandran


Madhu said...

Dear Ma'am,
I visited your blog and I studied your reports regularly for the past two months.I request you to tell me about your services and charges.

So,I am sending you my e-mail details,so that you can send me your details.
Waiting for early reply.


Lakshmi Ramachandran said...

I have not started such services as yet.Will mail you in case I do