NIFTY TURNS CRABBY AS BULLS MOVE SLOWLY !!

                 

                 Advance        Decline 

BSE          1500               813 

NSE          949                 451 

Moving Average (hourly) 

20(S)                                        7973 100 (S)              7808

40(S)                                        7904 200 (S)              8011

S : Simple Moving Average

 Short Term Trend

Index                  Target                Trend                   Reversal                           Support/Resistance

Sensex                27131                  upward          Down Below 25650                   25650/27131

Nifty                    8225                   upward          Down Below 7800                     7800/8225

Medium Term Trend

Index          Target                      Trend                          Reversal                      Support/Resistance

Sensex                28050                 upward                  Down Below 24833                24833/28050

Nifty                    8515                  upward                  Down Below 7540                    7540/8515

The Nifty opened at 8014.80, up 31 points, and has been trading sideways since then. The index has started to form higher tops and higher bottoms on the hourly chart after retesting the neckline of the bullish head-and-shoulders pattern on the hourly chart. The conservative target of this bullish pattern comes at 8152, which is the minimum target, whereas 7874 is a very crucial neckline support. So until that level is broken bulls need not worry. The Bank Nifty too is facing resistance near the gap area but looking at the momentum indicators it seems that the break-out will be on the upside. Hence, we maintain our short-term bias up. On the hourly chart, the Nifty is trading above the 20- hour moving average (HMA) and the 40-HMA, ie 7973 and 7916 respectively, which are crucial intra-day levels. The hourly momentum indicator has turned negative. The market breadth was positive with 949 advances and 451 declines on the National Stock Exchange

To get More Important Subscribe Us !!
Missed Call can make your happiness  8030636293

Browse More Articles

Tweet

Written by Profit Rules

“To help our clients to maintain the desired balance of investment income, capital gains, and acceptable level of risk by using proper asset allocation. To be a well qualified and preferred global financial services organization enabling wealth creation for all customers.“