Tuesday, May 18, 2010

Can Nifty touch 200 EMA as well?!

Nifty is at very crucial stage, without touching 200 EMA moving above at this time when everything looking bad is very unlikely.
  1. Nifty has given very strong bounce from 200 SMA and formed hammer which is a bullish sign
  2. Still below 100 EMA is bearish sign
  3. Option data not showing any bulliness, 5100 CE and 5000 CE has added huge OI
  4. Similar pullback witnessed in DOW as well

My personal view is Nifty can not move for higher level without volume and good news. Though very near to start a bull run till 5600, but not before a closing between 4800 -- 4900

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