October 22, 2011

NIFTY Weekend Update

  • We have a bearish engulfing in daily chart. But price in daily chart is staying above 20 and 50 SMA.
  • Daily MACD is moving towards a sell. But Weekly is showing a Buy signal
  • Price closed below week High EMA. But Day low EMA gave Support.
  • Last chart shows price unable to close into the descending triangle pattern.
  • So the direction is not clear. 
  • To confuse matters Further Nifty's Closing was Negative But Dow and S&P has closed with Huge gains which looks good for bulls. 
  • For news watchers We have one more weekend meeting to watch from Europe which might effect the way world markets open on Monday.
  • Closing above 5170 will favor bulls, But the up move may not be big It might extend till the GAP area at 5230. Closing below 5 Day Low EMA may take nifty towards 4910 levels.
  • DIAMOND OF NIFTY

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