Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Friday, December 21, 2012

Reigning The Nifty 20th December 2012

Daily Chart

Daily Chart II

Half Hourly Chart

Nifty had a gap up opening and closed above the gap after dipping into it a few points.The candle formed was however very small failing to instill confidence that the upmove will continue. High of 5965 still remains resistance.
Daily chart II zooms into the latest action which also shows a rising wedge being formed.Rising wedges have a  series of higher highs and higher lows which keeps the trend inherently bullish.However, the loss of upside momentum on each successive high gives the pattern its bearish bias.Support is at 5851on the support line.5823 is the last prominent low.5815 is the top made on 5th October.Break of these supports will bring in weakness.Bullish candles on high volumes is required to show strength in the upmove.

Half hourly charts show the bearish head and shoulder pattern is still valid.Fibonacci supports are marked.

It is prudent to hedge longs  and  take profits on the way up .

Write to for the Daily and Weekly Newsletter

Happy Trading !!
Lakshmi Ramachandran
All the calls made in this section are based on my judgment and the information available at the particular point of time. Adequate precaution has been taken while writing the analysis. However, no responsibility is taken for the losses or gains made through the analysis, either legally or otherwise. Readers are advised that acting on the analysis is at their own risk. Stock Market trading involves risk and is a high risk & high return business and I do not accept any financial and/or legal responsibility arising from the use of the information

No comments: