Skip to main content

Posts

Showing posts from October, 2011

Nifty Outlook for 19-10-2011

Daily Outlook
On Monday, we were watching 5170 as trend decider level. Nifty restricted its trade at 5160 levels and thereafter, witnessed continuous two day’s fall at 5011 level, forming falling gap in between 5084 to 5057 levels. Yesterday, again, Nifty closed with negative bias at 5037 with loss of another 80 point.
The Nifty has formed a bearish continuation candle with long lower shadow. The long lower shadow of candle implies that sellers drove prices lower during the session but strong finish indicates that buyers regained their footing to end the session on strong note. In this kind of scenario, the level of 4990 which is acting as important support level for the day as 38.2% retracement level of entire rise from 4720 to 5169 level will play important role as “trend decider” level for the day. In case, if Nifty succeeds to hold and sustain above 4990 level for the day then we will see pullback in Nifty. In this case, Nifty will attempt to fill the yesterday’s falling gap of…

Nifty outlook for 17-10-2011

Daily Outlook We were watching 5070 as trend decider level for the day and were expecting Nifty’s continuation of rising trend once move sustains above this level.After opening lower at 5075 and recording low at 5056 level on Friday’s trade, Nifty rebounded smartly and surged at higher level above 5100 mark. Finally, recording day’s high at 5141 level, Nifty closed at 5132 by gaining 54 point.
On daily chart, Nifty has formed bullish powerful candle “Piercing Line” against previous day’s Red candle.The formation of piercing line pattern which implies renewed buying pressure indicates further upside move in Nifty. In case, if Nifty breaches and sustain 5170 which is multiple top area then rise will get continue in coming session i.e. above 5170 will lead 5200 and above that expected5330 level. On the contrary , if Nifty fails to holdandremain below 5170 then it will witness the intraday fall at 5120 level…( pls note , a sustainable move below 5120 will negate the “piercing line” patter…