Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Monday, February 13, 2012

Reigning The Nifty 13th February 2012

Weekly Chart

Doji at 5439, crucial resistance of the 50% fibo level of fall from 6338. A 50% retracement implies indecision.Therefore if the high made on Friday  at 5427 is not scaled we may safely assume that another leg down may have started.

Weekly Chart II

The crucial resistance at the pink neckline is at 5456 where a doji has been formed showing hesitation in continuing with the uptrend.

Weekly Chart III

The stochastics has reached an extreme overbought position.With the Rsi14, which  measures the speed and change of price movements  showing strength above the 50 level  the Nifty may go into a sideways correction.

Weekly Chart IV

However the downtrend may resume as has happened on the appearance of a doji on weekly charts as shown in the chart above.Watch for a lower top candle being made.

Daily Chart

A sideways correction is on since last week with a rising wedge formation.Only a fall below 5319 will bring in a good correction.

Half Hourly Chart

Till the 5076 level is broken the uptrend is safely on.Levels marked will help decide your stop profit /stop loss level.

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: