Sunday, January 29, 2012

Nifty P&F (Wk 3001-0302) - Expecting a top here and a pullback to 4980!


Weekly target 5180 reached, the channel target (refer the chart below).

Weekly Analysis:

Daily Analysis:


Weekly UP. Daily UP. However, a channel top, 78% retracement, 4.23% price extension - suggesting an immediate top. This pullback from the top should be resisted near 4980 level.

Note: The new p_fchart_free.xls is available in the DOWNLOAD LINK section with much more flexibility of creating P&F charts (refer previsous post for details).

Few Words of wisdom (from Warren Buffet):
On Eearning: Never depend on single income, make investment to create a second source.
On Spending: If you buy things you do not need, soon you will have to sell things you need.
On Savings: Do not save what is left after spending, but spend what is left after saving.
On Risk: Never test the depth of the river with both the feet!
On Investment: Do not put all your eggs in single basket
On Expectation: Honesty is very expensive gift; do not expect it from the cheap people.

1 comment:

  1. The next major support level of nifty is 5240-5260 range.