April 27, 2011

NIFTY EOD UPDATE

  • It seems nifty will give direction only on the last day of this series out of this consolidation pattern.
  • Hour is close to the apex of a consolidation pattern So price should move out of this pattern by tomorrow evening.
  • Price now stands closer to the support line So one more move towards the resistance line can be seen if the support line is held. 
  • If the support line breaks Nifty will move towards 5700. A sustained breakout above the resistance line can give good direction. US Markets have given a similar kind of breakout. We have to wait and see if nifty does the same or not.
By at

3 comments:

  1. SanjayApril 27, 2011 at 4:30 PM

    Dear San,

    Perfect post, maybe a breakdown chances increases with todays OI data.

    Thanks & Regards,

    Sanjay

    ReplyDelete
  2. SanApril 27, 2011 at 5:45 PM

    Thanks Sanjay.

    Todays price action also favors bears. Lets see if they can go below 5800 one more time.

    ReplyDelete
  3. jonakApril 27, 2011 at 10:35 PM

    this price action has behaved more like a corrective wave to the fast uptrend we saw last month.....not an impulsive downtrend.....and with the dollar set to go further low....this dollar funded rally might go higher

    ReplyDelete

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