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Showing posts from November, 2012
Nifty showing weakness

Nifty outlook for 11-11-2012 ( daily and Weekly)

Nifty ended the day on negative note at 5686 levels by losing 52 points. After opening seven points lower at 5731 levels, Nifty rose higher and made day’s high at 5751 levels in an early trade. Thereafter, witnessing continuous selling pressure, Nifty slipped at day’s low at 5677 levels.
The formation of “Red” candle with higher upper shadow on daily chart which implies selling pressure indicates weakness in the market. In case, if Nifty fails to hold 5710 levels which is acting as important resistance levels of the day as 50% correction levels of ”Red” candle then weakness will persist furtheri.e. below 5680 it will lead 5640 and below that 5600 levels. On the contrary, if Nifty succeeds to hold and sustains above 5710 levels then bearish effect will get nullify and market will test 5800 levels in coming session. The level of 5650 will act as trend decider levels. A sustainable move above this levels will lead pullback rally in the market. However, failure to trade above this levels wi…

Nifty Outlook for 07-11-2012

Nifty gained marginal strength amid volatility in late trade following up move in European markets ahead of US Presidential Elections. Nifty closed 20 points higher at 5724.20 levels against previous day closing 5704.20 after witnessing days low at 5693.65 levels. It made days high at 5730.80 levels before close.

On daily chart, Nifty has formed a Bullish candle with upper shadow against previous day’s bull candle. It also has maintained the previous gap ( 5649 to 5679 levels which formed on 1st November). This indicates bullish sentiment but never negates the possibility of profit booking on higher levels. In this case, the levels of 5750 will act as important levels to watch. If Nifty manage to hold 5740 levels and sustains above 5750 levels for the day then we will see further extension in the trend. In that case, Nifty will test 5820 levels in coming session in our view. On the contrary, failure to do so will result in profit booking which will lead downward correction in Nifty. In…