May 17, 2010

NIFTY WEEKLY CHART
  • It seems a close below today's low will take nifty to 4850 levels. 
  • 2nd trend line was violated briefly but managed to close above it. So only a weekly close above the 2nd trend line can save nifty.
  • If it breaks and closes below the 2nd trend line nifty will surely go down till 4850 minimum.
  • Breaking the 3rd trend line(around 4853 for this week) will be very negative news for the bulls.
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