Monday, June 22, 2015

Nifty Outlook for week 26 - June 22

As per expectation in last post, Nifty resumes upper trend again. How long this trend would continue is the bigger question. Technically bulls should stay because of following reasons, which might take consolidation of 5 candles.
Daily chart giving clear indication of stiff resistance to bullish sentiments
8270 has served Nifty as support in recent past and this time this should act like resistance
Trend line joining recent tops suggest resistance zone around 8250 to 8300
Weekly pivot suggesting resistance at 8250
Weekly outlook continue to show gloomy pictures on indicators and wave counts
Monthly Chart started showing negative sign on MACD, DAX is still in consolidation mode with Bulls continuously losing hope with equal strength gain in bears
This is near perfect top like formation after 36 months of bull run starting January 2012
January 2015 top might be ending of 3rd wave starting March 2009 bull run.

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