Friday, April 16, 2010

Nifty in Downtrend for at least next week

I have tried my wild guess to decode Nifty and come up with the finding or call it predictions for next week
Nifty is in clear downtrend now and it can take support at the following levels.

  • 5280 is the immediate resistance for today if crossed then may touch 5300 not beyond this
  • 5200 is very crucial as it is EMA on weekly chart so Nifty must have a bounce from this level in coming week
  • 5164 this is EMA 50 day on daily chart; very important it may set future course for NIFTY
  • 5087 (EMA 20 weekly) - 5059 (EMA 100 D on daily) we can see Nifty dancing between these two levels before moving to north again else it may move from these levels as well
  • Last hurdle will be 4863 below this level; no clue right now.

But it will surely take at least two week for all these development. These are important levels on which we can see Nifty dancing.

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