- Nifty moved up from oversold levels with support from 200 SMA.
- Weekly candle which violated 50 SMA also went back to close above the moving average. Long shadow of the weekly candle shows buying support at lower levels.
- 50 Week SMA is waiting to cross 200 SMA which will be a bullish event for nifty in the medium term.
- Last chart shows price waiting to move above 20 Day SMA or middle Bollinger band which will resume the primary trend of Nifty.
My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
March 10, 2012
NIFTY Weekend Update (Golden Cross)
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