May 7, 2010

NIFTY DAILY CHART(LINE)
  • NIFTY has achieved the target of the descending triangle.
  • 5080 has broken on closing basis and line chart also shows trend line break. which is bearish for short term. 
  • NIFTY may get support at 5000 and 4950.
NIFTY LINE CHART DAY
  • NIFTY line chart in a channel.
  • Keep it simple. Today morning world markets and reliance verdict will make a lot of noise but in the end if nifty manages to come back and close within this channel bulls will be happy. 
  • Closing outside this channel is bearish.
thank you

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My Favourite Quote

"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