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Monday, April 22, 2013

Reigning The Nifty 22nd April 2013

Weekly Chart

Last week we had rightly pointed out " The candle for the week is a spinning top which has occured at strong support of the uptrendline thus increasing possibility of a reversal of the downtrend ".Weekly Charts saw the  Nifty make a very bullish candle after last week's spinning top confirming the view.The candle recovered the last three week's range and scaled the 40 Wema.The oscillaotrs too are gaining momentum.Resistance comes at 5815-5832-5971 which needs to be taken out to confirm whether the uprend has strength indeed.

Daily Chart

 Daily charts saw a bullish engulfing pattern scaling and closing above the red neckline of the bearish head and shoulder pattern and the 50 Ema.The previous minor top of 5755 too was overcome.The 20/200 and 20/50 continue to be in a sell mode.Resistances at 5815-5837 needs to be scaled decisively to inidcate the upmove is strong and sustaining.

Half Hourly Chart

The rally from 5478 is within an uptrending channel  which will guide us about immediate weakness /strength. The resistance from this channel at end of trading session on Monday is at  58945854 is the 76.4% fibo resistance level of fall from 5971 to 5478 and 5869  is the 50% fibo resistance level of fall from 6112 to 5478 and Gap resistance is at 5850-5873.  making the 5854-5869-5894 level strong resistance.Cross will see an attempt to move above the highs of 5971.

Half Hourly Chart - Fibonacci Resistances

Half Hourly Chart - Fibonacci Supports

Nifty made bullish moves this week and oscillators show more room exists for the upmove.However, the 20/200 and 20/50 Ema are still in sell mode.Swing high of 5971 and the downtrendline from 6112 highs both are strong resistances.Fibonacci resistance too exists at 5870-5962.Gap resistance is at 5850-5873. A plethora of resistances to be overcome.
Long positions adequately hedged can be held with a stop loss at 5670-5700 .

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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 informationo

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