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Nifty Outlook for 28-03-2011

Nifty Daily Chart: On the daily chart we see that Nifty has broken the triangle as we expected few weeks back. Nifty has given surprises by rallying with run away hard gaps. All we need to see is to build on long positions when Nifty tries to fill the hard gaps in a day or two.

 Nifty Intraday Chart: On the intraday scale we see a positive trendline in formation. The RSI seems to be little tired, which gives us an opportunity to enter the market when nifty tries to take support at the marked levels (Blue Lines).
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An in-depth analysis on Nifty

Bottom Line : We are in last leg of the first correction of our multi month Bull Run. We will not enter Bear trajectory until Nifty breaches and close below 6580 for three consecutive days. Good Morning! Just now the DOW closed, closed with big gains however closed this quarter on a losing streak. As some of you know, I analyse and trade DOW more than any other market. Let’s get into business. Am going to keep this post a bit longer. As we move towards a longer weekend, let us do the analysis bit deeper. Am going to take you through how a real analyst go through a chart with minute observations to arrive at some conclusion. It would be boring for some who doesn’t want to learn how to make money. It’s going to interesting for those who want to understand how a technical analyst observes a chart.   Firstly, let us pull up the longer term picture of Nifty – the monthly chart. Nifty – Monthly We can easily identify the long term upward sloping trend-line