Monday, May 21, 2012

Nifty Next Week, May 21, 2012

Visit to see more great charts.Nifty has recovered faster than expected, which we call disbelief rally, what next?
Reversal confirmation yet to be generated, ADX in consolidating mode, on weekly chart.
Fingers are crossed and many do not want to miss the rally like January 2012. Bears have taken Nifty in full grip. Bulls are waiting for either consolidation or good inputs from government regarding strong measures to stop Rs fall. My advise is to go short or keep away till June 17th which is next election date in Greece. Next bulls huddle is last week high @ 4957
Global Market has closed in deep red, hence it makes sure that Nifty will retest 200 WSMA in coming 4 weeks, before Greece election and before bull run.
Keep in mind, every recession has started with mega IPO, this time it is FACEBOOK.
US closed with heavy loss on Friday,

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