Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, March 22, 2012

Reigning The Nifty 22nd March 2012

Daily Chart

Bullish candle closing above the uptrendline having taken support on the green trendline and the 50 dema. This is bullish.Stochastics given buy in oversold zone and Rsi14 moved above 50 line. Macd has given an uptick and is in positive territory.

Half Hourly Chart
Closed above the downtrendline from 5499 but would not consider it as a breakout.Resisted at 50% retracement level of fall from 5499-5233. Fibo cluster at  5397-5400 so should be difficult level to overcome.The medium term trend is up while the short term trend has turned sideways.Buy on dips till 5233 is broken decisively.
Resistances at 5371-5400-5455-5500  Supports at 5345-5320-5302-5286.

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Happy Trading !!
Lakshmi Ramachandran

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