January 21, 2009

Nifty EOD Chart 21-01-09

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

Daily charts: as expected, 2 day swing gives a whipsaw. Now in sell mode SL 2870.
Markets remain rangebound between 2700 and 2850 for 8 days. A breakout is expected.
Weekly charts: despite last weeks' bullish hammer, markets unable to sustain at the highs. Markets are still trading in last week's range and price behaviour is as yet, not supportive of a strong up move.
Intraweek, sustaining above 2800 is critical. So far this has not happened.
20 day swing : in sell mode (SL 3150). The earlier BUY signal has failed.

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