NIFTY WEEK
Look how simple it is with channels and trend lines. for nifty the price is nearing a point were it has to go through the roof or break the trend line.
Reliance after touching 1150 went down on thursday, But managed to retrace so if reliance break 1150 convincingly we may have a channel breakout or else we will have a trend line break.
I will give my views on nifty daily chart during sunday
take care everyone.
Dear San,
ReplyDeleteConsidering the 5200 PE,5300 PE and 5300 CE activity, for me this time "A channel breakout".The Nifty O.I. is also on lighter side.And above all the SKEPTICISM in traders mind about the upside from here shall take market beyond 5400 very easily.But market may pretend that it is getting again very tough to cross 5400,to gather few more shorts below 5400.Let us see on Monday.
Dear mynac,
ReplyDelete5400 now has become a psychological level, just like 5180 a few weeks back. when 5180 was crossed nifty went till 5300 and took a plunge from there. Now 5400 has become an important number, But for me the real test will come at the weekly channel top. the momentum and the strength of the indicators near the channel top will give us the clue.