- Nifty Futures important levels to cross are 5904 for bulls and 5859 for bears.
- NF has been trading in a narrow range from morning since it is expiry day we may see some wild moves in the afternoon trade with caution.
November 25, 2010
- LIC Housing Finance Ltd broke down from a descending Triangle pattern.
- Stock came down more than 200 points. The fall was stopped at the 200 DMA yesterday, But the momentum and the News Flow may take it down Further.
- It's interesting to note how a stock forms a bearish pattern before such news comes out.
- Nifty spot is close to an important support and resistance line and will give good direction soon. If it beaks down 5750 is a good support area.
- 20 and 50 day moving average is about to give a bearish cross. If it happens it will be negative for sometime.
- Market moving above 6020 can reduce the bearishness.
- Dow Jones could not hit the 50% retrace level today despite the bullish move. This is the third such attempt in as many day's .
- Same should be said about the 20 DAY MOVING AVERAGE. Dow jones comes close to the moving average but not able to close above the moving average.
- If these levels are not take out quickly we may see another sell off to the lower end of the trading range.
- SPY WITH A DESCENDING BROADENING WEDGE
- SPY is trading near the resistance level of 120.39
- An up move will be possible on a breakout above 120.39.
- Today's morning GAP is yet to be filled. So unless SPY decides to breakout above 120.39 Chances of a correction from here is very likely.
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