June 9, 2011

Nifty Daily Analysis

  • First chart shows that while Dow Jones and S&P 500 are making their longest losing streak since 2009 we are not following them at least till now we have not reacted negatively till now.
  • May be the trigger for shoring will come if 5480 or 20 day moving average is broken. Price is holding on to 20 day moving average.
  • But it is not moving up too. As can be seen from the weekly chart the 20 week moving average is acting as resistance. A weekly close above this level will favor bulls.  

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