January 16, 2009

Nifty EOD Chart 16-01-09

This is for education purpose only and may not be useful for trading


Daily charts: Mkt rangebound over 4 days. Breakout above 2850 will be bullish for few days. Most likely a lower top can be formed so better to stay out.

Intraday (Monday), weakness if markets unable to sustain above 2760.

Weekly charts: buy mode with swing reversal at 2700. A bullish hammer is formed
this week. Next week, sustaining above 2800 is critical..


20 day swing : in sell mode (SL 3150). The earlier BUY signal has failed.

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