Monday, May 27, 2013

Niftyday May 27, 2013, Nifty is in making of Head and Shoulder

We discussed in our last post Nifty paid due respect to January High and with the combined effect of 38% retrenchment support, 30 day moving average support it bounced sharply and touch 6100 which happen to Monthly pivot first resistance.

Future expected move
Nifty is in making of Head and Shoulder pattern at top, which is supposed to be bearish sign, this will be invalidated if Nifty closes above 6150 on weekly basis.
No trade zone is 5950 to 5975 so one should book profit if shorted Nifty.
Short Nifty below 6050 which is weekly pivot this is also 23 % retrenchment of move from 5500 to 6200
Remember to book partial profit in zone 6020 to 6030

5900 to 6000 is our new expiry target from last published range of 5850 to 5940

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