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Friday, November 19, 2010

Reigning The Nifty - 19th November, 2010

Daily Chart

Daily Chart II

Yesterday I wrote, "  The swing low of 5937 , the 38.2%  retracement level of rise from 5348 at 5959  and  the 23.6% retracement  level of rise from 4768 at 5970 should prove good supports.Look for signs of recovery around the 5950 levels ".

The sell off to 5906 was a bit unnerving  though the supports came soon enough and  the 5950 levels held on a closing basis .The red dotted channel too has been maintained on a closing basis.Support on the lower trendline of this channel  is now at 5982.

Daily chart II shows oscillators at  levels reached  at the low of 5348.Today's candle though not bullish, does show positive efforts to stall the selling.With the longer term still in an uptrend one can be cautiously optimistic about the uptrend resuming.

Trade long with a stop loss of 5906.However trade light and be hedged till more signs of the uptrend resuming is visible.This will require a cross of  6114 which was the lower high made on 16th November 2010.

Supports are at 5982-5962-5906.  Resistance is at 6023-6042-6053.

Happy Trading !!
Lakshmi Ramachandran


rani patel said...

Lakshmi, thanks for posting early at such crucial times. I have found your posts really reliable and have benefitted a lot from it. Since the posts are being uploaded late it is not poassible to take advantage of your nifty levels and views. If and when you make your newsletter available for subscription please let me know.Thanks !

Lakshmi Ramachandran said...

Thanks for your feedback Rani. I am already sending the newsletter in word format to some known friends for a nominal amount of Rs.100/- per month.But since I have not thought deeply on taking up such a responsibility involving the general public, I am not making it public.Let me know if you are interested by reply in this comment box and I will let you know if I would be prepared to include you in the mail list for the subscription.Discretion to include you will entirely be mine.

Unknown said...

Hi Lakshmi,

I have the same feeling. Its preety reliable information on thechnicals.
I would be happy to be on the subscriber list.Please share a procedure to get on the list