Thursday, July 5, 2012

Nifty @ July 5, 2012

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  1. Nifty has formed three doji lines which shows indecisiveness, however till now it is more bullish than bearish because each time bulls manage to close positive. 
  2. Slow stochestic is in overbought zone for the last 20 trading sessions, which may opt for correction for rest of the weeks, or say, before moving higher till 5390 or above.
  3. 5302 is also important as it is 61.8% retrenchment of Feb 22 high and June 4 low.
  4. If a correction would happen it should not breach 5200 level and if Nifty give a breakout above it will be restricted till 5390 for the remaining week.
  5. Trendline joining Nov 11 high and Feb 12 high indicates possibility of 5400. Chances of upper breakout did not seems this week as it is good resistance matching with Oct 11 high.
  6. Europe did not perform after so called big news of eurozone debt crisis which suggest more weakness and hence our market also get affected.

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