October 4, 2012

NIFTY Chart analysis

  • Except the Negative divergence and Weakness in Daily MACD indicator there is nothing that's supporting bears of Nifty for now.
  • Price sustaining above 10 Day EMA will keep nifty moving up.
  • Weekly MACD is yet to show weakness. Price sustaining above 5740 on closing basis will target the next resistance zone of 5850 - 5900.
  • Crucial support is the Golden ratio shown in weekly chart.

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