Tuesday, October 6, 2009

Nifty bounces off the 20DMA.

If the last 8 days range trading from the top of 5036-4904-5099-4921 is a consolidation, we should see higher levels. A follow up to today's reversal is required to change the daily trend to up.
Sharp reversal from below Week ema. Still below 5DMA & Day High ema. It could spend some time consolidating before moving higher.

"Jignesh Patel" has sent the chart below at 9.49AM which I opened only after market hours. This clearly proves the effectiveness of EW study for trading purposes.

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2 comments:

Kapil Chopra said...

Dear Ilango,

Thank you so much for your kind comments on my blog. You are doing such a great service to people here, my contribution is still limited. Which city are you based in as would love to meet you.

Best regards

Kapil

October 6, 2009 at 11:30 PM
Ilango said...

Hi..Kapil,

"Bangalore"....is the city. Lets continue this beautiful relationship in this way for more time to come..

Here is a surprise for you..I am a post graduate in Hotel management and a Gold medalist all through my 4 years. But now, I am no more in the industry..

I want to see your "Art Blog" widely followed for its true worth and benefit many.

Best regards.

ilango

October 7, 2009 at 9:28 AM

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