Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Wednesday, February 1, 2012

Reigning The Nifty 1st February 2012

Monthly Chart
Bullish candle for the month of January on high volumes and closed marginally above the 12 month ema.The 38.2% retracement of the entire fall is  placed at 5221.The downtrendline from November highs is now at 5227.Thus a close above these levels will turn the trend bullish.  
The stochastics has given a buy after a minor positive divergence.Rsi14 has moved above the 50 mark thus supporting a bullish view.
Daily Chart
The daily charts have crucial resistance at 5231-5242 as shown on the charts thus making this area between 5221-5242 very strong resistance.Support now at 5132.Stop loss of 5250 on shorts and 5132 on longs.

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: