November 18, 2010

Nifty daily analysis

  •  Nifty takes its first step on to the cloud. Closing into the cloud will be signalling more weakness. But a bounce from here may give hope for the bulls.
  • 5930 - 5940 area is the important support for this down move.
  • Nifty continues to close below 5 day low ema. Sell on rise will continue until nifty closes above 5 day high ema. If price moves too far away from 5 day low ema one can see a small rally to reduce the deviation.

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