iCharts Discussions

[rameshraja]

On chart analysis of Nifty Futures, I find Nifty has takenout Negative reversal at 5080 and found a bottom around 4920 and kept the trend line of Mid March intact.

Now all the Technical Indicators have comeinto buy mode and most importantly momentum indicator is now above 100 which will ensure there will not be sudden spikes on downside during upmove and due to this the logical SLs will henceforth be honoured. The moving average sequence is also well established both in EOD and real time chart which gives strength for BULLS to march forward.

Where are we headed on Friday ? As usual Friday Inflation figure will haunt the market till noon and after that it should moveup to close at the highest of the day. Nifty futures will try to test the low of 5080 which happened to be the breakout point and on upside it will hit 5195. In the morning session, it could move to 5155 level and face resistance temporarily and then moveup with vigour. Keep buying when retraces to 34 EMA in real time chart of 30 minutes time frame.

I am stock specific for swing trades. Would like to trade long in Aban / M & M / Ispat / IVRCL Infra. Gitanjali I would like to buy on every decline and continue to be bullish on Nicholas piramal and fundamentals also support the upmove.

Disclaimer: My Usual statement. Technical Analysis is subjective and interpretation of same chart differ from one person to another. Therefore, instead of taking my words in full faith, would request you to do analysis on your end and take decision.

For 16.05.2008 , I am attaching herewith Camarilla Trading levels for support and resistance which could be useful for trading.

Best wishes

C T RAMESH RAJA