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| NIFTY WEEKLY CHART |
5000-5050 level get tested in next 1-1.5 month period.
CAUTION : - but at the same time if it starts trading in down trending channel once again, then it may have negative impact and this view will get negated. If it starts trading in channel once again, there will be possibility of testing lows (4530) made in DEC 11, or it may start trading in range so that there will be time correction.
NOTE:- AS OF NOW STOP LOSS FOR LONG TERM INVESTOR IS WEEKLY CLOSE BELOW 4530. kindly note this level may change according to future price action.
DISCLAIMER: This Blog is meant for sharing my trading ideas only and no calls to be taken as trading recommendation. Visitors please do your own research or consult your advisers for safe trading.
6 comments:
hello
is there any chance of nifty falling next week? i am short at 5250? pls advise
@ anonymous no one can be always right regarding market movement. But with help of technical analysis we can guess most of the times. As of now charts suggest that nifty will fall next week.At the same time if it gives hourly close above 5386 then this view will get negated.
This level may come down according to future price action. Kindly not there will be expiry on next Thursday so expect lot of volatility next week.
Sirji,
See volume also in your chart. When the nifty was in channel the volume was low. It started rising when it was ready to break out in Jan & Feb 2012. But volume started falling when again it started falling. Is it suggesting that bears are not so strong . Low volume with red bars after the rally suggests the correction not bear attack.
Please opine on my comment.
Dr.Suhas.
@suhas k, as of now it is nothing but correction.
@ anonymous today at 10am nifty broke down from bearish flag, formed on hourly chart so today or 2morrow it may target 5075-5100.
Since it may not be possible to track charts continuously during market hours, it may not be possible to update our view according to future price action.
Hello
as you had predicted, the trend turned down in this week..i understand that it is not possible to track the charts continuously aand update.. but i would be very grateful if you could post once a week , if possible.. thanks and regards..
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