March 10, 2012

  • 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.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore