June 11, 2012

NIFTY Chart analysis

  • Nifty near 50 and 200 Day SMA. 
  • Weekly chart shows bullish engulfing pattern and need to trade above 50 Week SMA for the engulfing pattern to be effective.
  • Price trading above the falling channel resistance line and 5 Week High EMA will favor bulls.\
  • Immediate target on trading above these levels could be the Weekly mid bollinger band.
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