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Overnight View on Nifty (06-04-2011)

Nifty Daily Chart: Is this topping? Nifty on the daily chart seems to hit a sloping downward trendline (marked in white line) and RSI too turned down from the overbought zone in today's session. There are also a possibilty for nifty to march towards 6180 (marked in blue) before it turns down. Well we would get an answer in tomorrow's session. For the moment we are not turning negative and waiting for a close below 5865. Kindly do not enter long at this stage.

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Dear friend, After a span of 4 years in minting money and establishing Pentad and Dalal Times, it's time for me to back with sharing knowledge. Earlier, I have been sharing my analysis on Nifty thrice a day, now I will be sharing my analysis on Nifty, Global Indices, Stocks, Commodities, Economy, Key Events and so on. Over the past 4 years, apart from creating wealth from markets, I have also been consistently upgrading my knowledge on analyzing the markets. Starting 17th August, 2015 this blog would be active with enhanced knowledge sharing. Stay tuned to earn, learn and understand markets better... your market friend & forecaster Praveen Pathiyil