January 19, 2009

Nifty EOD Chart 19-01-09

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

Daily charts: 2 day swing gives a buy. Reversal value: 2754.

Given the nature of the market, better ignore short term swings as these can whipsaw.

Chances of a lower top being formed are high as markets rising on very low volumes.

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

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

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