April 8, 2011

Nifty Daily Analysis

  • Weekly charts are keeping options open for both bulls and bears.
  • Things may get resolved with today's closing. at least i am hoping it gets resolved because sideways market does not give much profit.
  • MACD in weekly chart will give hope for the bulls. 
  • A bearish looking candle is developing on the resistance line which is keeping the bears interested.
  • Nifty has maintained its position above 5 day EMA till now. Closing below this moving average and 5830 level will favor bears.
  • Breaking above the recent high will favor bulls and then the weekly MACD will show its effect.
  • A possible resistance level for DOW JONES
By at

5 comments:

  1. DebdeepApril 8, 2011 at 9:31 AM

    Well, Stochastic also has given a sell signal so possibly MACD is a looser this time.

    ReplyDelete
  2. DebdeepApril 8, 2011 at 9:40 AM

    Also yesterday future closed below 5 day MA and now at atound 5925 fu it's getting resisted.

    ReplyDelete
  3. AustinApril 8, 2011 at 10:06 AM

    San,
    This is my first time at your blog and think it is great. There is a real lack of in depth Asian Technical Analysis and looks like you are filling this void.

    Agreed that the Nifty is facing some headwinds here and there was a strong rejection on the 6th. I am looking for a pullback to 5800/5850 on the April futures. I do think we have seen a very strong base/breakout pattern thus looking for buy setups at those levels:http://swingtradersedge.blogspot.com/2011/03/asia-top-setups.html

    Thanks
    Austin

    ReplyDelete
  4. DebdeepApril 8, 2011 at 10:16 AM

    And finally the break down.

    ReplyDelete
  5. AustinApril 10, 2011 at 2:14 PM

    @Debdeep I think this is merely a corrective move lower within a bigger uptrend. Looking for a breakout of this short term flag for strong swing higher: http://swingtradersedge.blogspot.com/

    ReplyDelete

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