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Thursday, September 9, 2010

Reigning The Nifty 9th September , 2010


 Daily Chart

 Half Hourly Chart

Nifty took support exactly at 5566 on the upper trendline of the red channel from which it broke out . This makes it the third day of maintaining above the breakout level. This also makes the support of this trendline and today's low of 5566 very important. Today's candle did make a lower high and lower low though the high was lower just by a fraction.The low hit the 38.2%  retracement level.

Half hourly charts show nifty taking support on the lower trendline of the now visible rising wedge.The Nifty is typically trying hard to maintain the breakout above the upper trendline. This is depicted well on the half hourly charts.The 50 ema on half hourly charts is at 5563.Weekly support on the trendline joining tops from January 2010 is at 5552.

Moving averages are bullishly aligned on all time frames.Oscillators continue to be negatively diverged. breadth was positive and volumes below average.

Supports are at 5568-5563-5550-5532.  Resistance at  5625-5672.

Happy Trading !!
Lakshmi Ramachandran

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