#127 Nifty Update: Even NIFTY got a new "Narrow Fit Channel" from the "Candles Mall"

I am pretty sure that you guys would have got atleast one Narrow Fit jeans from a Levis store on its on going 40% flat discount so does have NIFTY but it got from a Japanese Candle mall... As you guys can notice in the chart above NIFTY gave a breakout to the existing channel which i mentioned in my post last week. The new channel last week has been a Narrow one which means a volatile sessions ahead but within a specified range until it breaks out. Last post i mentioned that it was cocktail on NIFTY chart with bears and bulls with eqial chances but i guess now bears have more chance of winning the game. RIL posted its numbers last eve after the market hours which beats streets poll/estimates but comparing YoY it has been down by 21% which is a big loss to indian industry leader. IT industry gave poor guidance for the next quarter while banking industry is posting gud performance. Government is planning to pass FDI pretty soon. But i guess our government is just a "Bol Bachchan"..SInce long we are hearing from government that they are working but we are not getting any results. On other hand Spain got a bailout yesterday but european markets have reacted negatively and am sure thats true because people are printing money which will create inflation in the world. So overall we may see some downside in the market in coming week. Technically speaking all the indicators have shown weakness on the chart. We may witness a volatile session in coming days because last time when we witnessed all 3 moving averages converging at one point, nifty had witnessed 250 points downside in 3 days. NIFTY's range for next week is 5165-5225. Breakout of either level on closing basis will decide the trend further. My strategy for next week is go Short below 5165 while go long above 5227.