November 29, 2010

Nifty Daily analysis

  • Nifty spot is showing a possible falling wedge reversal pattern. If price does not make new lows this pattern is very likely to give support for nifty.
  • On the contrary if price continues to stay below the 100 DMA nifty can move towards its 200 DMA.  
  • FLAG OF CNX IT
By at

6 comments:

  1. mynacNovember 29, 2010 at 8:21 AM

    Dear San,
    Very nice illustration through falling wedge charts.Thanks.

    ReplyDelete
  2. SanNovember 29, 2010 at 8:40 AM

    Thanks Mynac

    ReplyDelete
  3. NavnnitNovember 29, 2010 at 10:16 AM

    Hi San,

    Good chart analysis, generally when wedge breaks, it touches starting point of wedge... this is not a rule but observation... seems like nifty will touch 5400 sooner or later.

    Keep it up
    Navnit

    ReplyDelete
  4. wormwood34November 29, 2010 at 10:22 AM

    hi san...nice analysis...thanks once again...san..do u see any chances of nf touching 5300 or 5000 after going another approx 200 points higher or so...

    hi mynac...

    rgds
    johnson

    ReplyDelete
  5. SanNovember 29, 2010 at 10:52 AM

    @Wormwood
    5350 is a good support level for nifty spot. So i am not expecting nifty to breach below that level in the short term.

    The positive structure of nifty will be intact if nifty does not break below the band of 5500 - 5600.

    ReplyDelete
  6. SanNovember 29, 2010 at 10:54 AM

    @Navnit
    Nifty to go below 5400 it should break its 200 DMA. Which may not happen in the short term.

    ReplyDelete

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