Saturday, July 07, 2012

Weekly Review

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As Shown on Eod Chart - 5342-45 act as a Strong Resistance Zone, Cross above may show 5446. 5290 & 5190 act as a Good Support. A Break below 5190 may be a Trend Reversal and Sharp Fall not ruled Out. I Hope this may be the end of Sw(2) or (B).

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As per attached Hourly Chart - A break below the second channel as marked with Arrow may see a selling pressure. Hope the sw(c) is completed as per the Chart. Please refer earlier post for more clarity.

As Nifty stays in Highly Over Bought Position - FII's remain Net Buyers in Cash and FnO last week. A Break above 5400 may change the Entire trend to Bullish.

But a Break below 5190 is to confirm that the Upside move is completed and there can be a Sharp fall of 300-400 Points.

Next Week:-

It was a Choppy trade last week. World market & Indian Market failed to Cheer inspite of actions taken by ECB / UK's Asset Buying Program and CRR Cut by China Central Bank. Even though Rupee has appreciated still cautious mood as there is a week Mansoon and worry about physical deficit.

Last Friday US Job Data shows that their Economy still in Danger. Also raising Bond Yield of Spain & Italy may be an another Ticking Bomb like Greece. I hope sooner or later France & Germany may express their dis-like to be a part of euro Zone like Finland said last week.

Next week is going to be very interesting as Chinese to give Q2 GDP data & Our Indian IIP Data on July 12th. Tech Giants Infosys & TCS to reveal their Q1 Earning on the Same Day.

Any Break below 5190 may see lot of Pressure on Selling Side as there is lot of open Interest PUT writing seen on 5200 & 5300 and also Call writing seen on 5300 & 5400.

So Lets wait for the Interesting week ahead.