April 27, 2010

NIFTY DAILY
  • NIFTY closed above 5 ema again.
  • momentum is showing some weakness to the upmove
  • closing below 5300 is bearish for the short term.
  • the trend line or resistance line is very clearly blocking nifty from going up. Nifty tried 4 times to go above the resistance line. 
  • if we don't fall below 5300 in the opening NIFTY will try to break the resistance one more time today.
thank you

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore