Saturday, January 14, 2012

Nifty P&F (Wk 1601-2001) - resistance 4945-60 and a correction


4700 was broken marginally and now it's past 4840!

Weekly Analysis:

Daily Analysis:


Weekly UP & Daily approaching resistance. 4945-4960 should not be breached before a moderate correction.

I have been bullish based on the charts for last few weeks now. Last week showed many major sectors (banking, metals, mining) returning 10-20%. This oncoming correction can provide another opportunity for low risk entries. Look-out for BlSL & 38% fib (62% would weaken the chance given it's a bear market).

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