August 1, 2010

NIFTY WEEKLY CHART
  • Nifty has broken down from the raising wedge in daily chart. Break of 5350 on closing basis will speed up the correction.
  • Nifty has closed below day low EMA and 20 Day moving average.
  • Nifty week has formed a bearish candle.
  • The last chart shows clear support for bulls at 5350 levels. The support line has held so far an up move  from here cannot be ruled out.
  • RELIANCE INDUSTRIES TRIANGLE BREAK DOWN

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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