Thursday, April 28, 2011

#13 Nifty Update

NIFTY closed in red as expected due to the Expiry pressure. NIFTY closed at 5785 near my second support of 5790. NIFTY daily RSI has crossed 50 from upside signaling a bear strength while stochastic and MACD is also signaling a bear strength. Prices closed below 5/10 DEMA and exactly at 20 DEMA average. Two consecutive bullish wide candles are strengthening down trend. Even monthly and weekly Indicators have started showing weakness for the Index. NIFTY daily chart is forming a upper wedge formation. NIFTY on overall has started looking weak.

NIFTY levels for 29th April:
S-5750   R-5819
S-5700   R-5856
S-5689   R-5907
S- 5633  R-5937

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