April 27, 2011

NIFTY EOD UPDATE

  • It seems nifty will give direction only on the last day of this series out of this consolidation pattern.
  • Hour is close to the apex of a consolidation pattern So price should move out of this pattern by tomorrow evening.
  • Price now stands closer to the support line So one more move towards the resistance line can be seen if the support line is held. 
  • If the support line breaks Nifty will move towards 5700. A sustained breakout above the resistance line can give good direction. US Markets have given a similar kind of breakout. We have to wait and see if nifty does the same or not.

3 comments:

  1. Dear San,

    Perfect post, maybe a breakdown chances increases with todays OI data.

    Thanks & Regards,

    Sanjay

    ReplyDelete
  2. Thanks Sanjay.

    Todays price action also favors bears. Lets see if they can go below 5800 one more time.

    ReplyDelete
  3. this price action has behaved more like a corrective wave to the fast uptrend we saw last month.....not an impulsive downtrend.....and with the dollar set to go further low....this dollar funded rally might go higher

    ReplyDelete