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Midday Outlook Nifty (28-04-2011)
Nifty Intraday Chart: We can see a down channel in effect on the intraday chart. Today being FNO expiry, we might see moves up and down in late afternoon session. Nifty also holding on to the negative sloping trend line. A close below 5830 would make us to change the trend from Positive to Neutral.
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