Short Term Trend analysis of nifty future

NIFTY nicely jumped from expected range of 5150 as I have written in my previous post on March 26, 2012. Presence of 2 harmonic structures at the same time was the strong technical reason of this bounce back. I have already discussed about 0-5 pattern on nifty daily chart and as per that pattern 5150-5080 was potential reversal zones. Later we found a bullish butterfly harmonic structure on harouly chart of nifty which also completes between 5130-5080. In respect of these harmonic structures nifty has jumped nicely as per our expectations. Now 5410 will remain important to watch, nifty closed at 5353 at the same time stochastic indicator was in overbought territory that is suggesting higher fluctuation during the next trading session. Now we will avoid fresh longs and will wait for our target of 5400 to reach. Till nifty trading below 5410 our outlook will remain neutral. Due to overbought reading on stochastic indicator on hourly chart very short term reversal from 5410 zones is likely. Consolidation above 5410 would offer 5470-5520-5620 as target area for nifty bulls.

Recommendation: our outlook will remain neutral and waiting for our expected target of 5400

Comments

First step towards becoming Financial Independent...

Success is not getting a highest paying job but success is when you get enough free time for yourself you can do whatever you want you can go wherever you want to go without concerning about your job and effecting your lifestyle. Generally people waste their early age in preparing for govt. Jobs and they put their energy and time for preparing job but among those only few people get the govt. Jobs and rest stay jobless with wasted time of 3 to 5 years of their graduation and mostly spend their life jobless or with mediocre salary. In India people In their early age after graduation don't have much pressure from family for earning and they usually use this time to prepare for competitive exams for job and take some courses and among them only few people get job and rest remains jobless and then they keep blaming the system for their unemployment. Let's take an example to understand magic of starting earning and saving in early age. Because in ea...

Nifty has given 40% Returns from March lows; Whats next are we ready for a decline?

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

LET THE MARKET TELL WHO WE ARE

Search This Blog