- Nifty moved up from oversold levels with support from 200 SMA.
- Weekly candle which violated 50 SMA also went back to close above the moving average. Long shadow of the weekly candle shows buying support at lower levels.
- 50 Week SMA is waiting to cross 200 SMA which will be a bullish event for nifty in the medium term.
- Last chart shows price waiting to move above 20 Day SMA or middle Bollinger band which will resume the primary trend of Nifty.
A person who does such an excellent analysys has to be on twitter, join up mi amigo
ReplyDeleteDear San,
ReplyDeleteNo doubt,RBI news favors Bulls as well as Nifty trading above 5326 plus strong writing evidence @ 5300PE etc... I have still doubt in mind about "sustainable" as well as "confident" up-move from here up to Budget.Because just 12 days ago we were @ 5630 and again trying to go towards,too fast...
But....
Not denying the fact that FII have an ability & knack to push market beyond "possible resistances" within no time.So if this time too,they shall play the same trick then @ or around week end,we may witness roller-coaster move,is one guess.
@Bullish Cartel
ReplyDeleteI am already there. Here is the link.
https://twitter.com/#!/chartanalyst