Reigning The Nifty - 3rd May 2011

Daily Chart

A lower low made at 5687 . Closed below the 50 dema and the 5 moved below the 20 dema. This fall could target  5400. The lower end of the dotted expanding triangle , the green channel support line and the red support line drawn from September 15th all coincide around these levels.

Half Hourly Chart

The pink triangle breakout target is at  5595. 61.8% fibo level of rise from 5348 is at 5575 and 161.8% level of rise from 5693 to 5913 is at 5556.Expect a good support around these levels.


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Lakshmi Ramachandran
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Reigning the Bank Nifty 3rd May,2011

 Daily Chart

In the classic way, the megaphone broke down after the third peak at 11978 was made. As mentioned in my post of 29th, 11200 was achieved. With that the green trendline from which the breakout occured also got violated.Close was below the 50 dema. Support taken at 38.2% fibo level.The fall should find good support at the 50% fibo level at 11000 where the 200 dema too offers support at 11025.




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Lakshmi Ramachandran
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S&P 500 update --2nd May 2011

Weekly Chart

Resisted at the trendline i have been showing since the past few months. Resistance now at 1366.Crossing this level will target 1442.

Daily Chart

Bullishness continues towards targets 1366 -1410-1427. Support at 1344-1331.

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Lakshmi Ramachandran
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Reigning The Nifty - 2nd May 2011

Monthly Chart

The range for the year  2010 was 4675 - 6338.  61.8% fibo level of this range is 5310,  which has been important resistance point earlier ,  pointed out  on the charts.This should serve as a good pivot point . Fall below  5300 could test 4675, which has been a  good support. Staying above it could attempt higher levels.

Weekly Chart

Weekly Chart II

An Inside Pattern exuding bearishness.Range of the Inside pattern is 5912-5693 which needs to be broken to set further trend. Breaking of pink trendline too adds to bearishness.Support was exactly on the 38.2% fibo level of rise from 4675 to 6338. This indicates bias towards break of 5693. Chart II shows a rising wedge which now has support at 5502. Break of support can take the Nifty to 5102. If takes support at 5502  then could test the resistance line at 5880.

Daily Chart

Daily shows support exactly at 50 dema. Break of the earlier low of 5693 will give impetus to the fall. The 5 and 10 dema have given a sell. Good  support around the 5500 levels.50 dema support at 5708 and 200 dema at 5632.

Half Hourly Chart

Half Hourly Charts are oversold and the last half hours candle indicates a pullback may come before further fall.

Resistances at 5762-5797-5824-5853. Supports are at 5706-5693-5645-5505.

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Lakshmi Ramachandran
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Reigning the Bank Nifty 2nd May, 2011

Monthly Chart

Monthly charts show a rising wedge on falling volumes.The fall from 13304 after strong negative divergences may be over as shown by the stochastics which has givena buy .If the support of 10890 holds for the month , a pullback to 13726is possible to form the next leg of the wedge.

 Weekly Chart

Daily Chart

The expanding triangle continues to expand with a higher high and lower low.As mentioned in my earlier posts, the megaphone pattern has  completed the third peak and in all possibility this leg down should break through the support line which now stands at  11391.OBV, Stochastics, Rsi14 and Macd on daily charts have broken the low made on 19th April keeping in line with the Bank nifty.

Support  taken on the green trendline shown on daily charts from which it broke out  in March. Till this does not break down we may consider it as a retest of the trendline and expect further rise once the retest is over.Support on this trendline is at 11409. 50 dema is at 11380. This area of 11380-11391-11409  is strong support.

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Lakshmi Ramachandran
www.vipreetsafetrading.com