as expected, some sort of a bounce is happening in the near term and early signs of it looks positive as it has broken out of falling tline resistance.
positive global cues along with positive divergence from oversold territory might help nifty to move up.
nifty has to stay near or above yday close or above the tline in coming days.
however for gaining some strength on the upperside(and for arresting movement toward 4600 etc) few closings above 4825-4834 will be better, which would ensure a further movement of atleast 100 odd points. however since macd and other indicators are still bearish it would take some more time to establish a sustainable uptrend. 4951 is resistance where or before some selling might again come.
above 4952 the short term trend reverses on the upside.
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Wednesday, February 10, 2010
mkt ahead...10th feb 2010...
Monday, February 8, 2010
nifty charts...08th feb 2010...
nifty spot daily(eod) chart:
downtrend still on with further weakness as macd and ema is in bearish crossovers.
freshly bearish below the very imp 4800 lvl and downside opens upto 4500-4600, also has broken below one of the support trendlines(blue line).
only good thing is positive divergence developing on indicators in oversold region, bottom could be near that could lead to a sizeable bounce that may come later.
nifty weekly chart:
major supports(green lines) and resistances(red lines) are as shown in the chart.
(charts coustesy:www.icharts.in)
fii net cash selling is still on:
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