Tuesday, July 17, 2012

On the Support Line


>>> Click the Chart to See on full Screen <<<

Even though Fed Chairman Ben Bernanke hinted that there shall be a Possibility of further Economic Stimulus - that kept the Asian and European Market in Green followed by Dow Futures also. But Nifty refused to follow it.

Even though the day started with a gap up, Nifty unable to Hold the gain, as many as stocks like Tata Motors and TCS melted.

As the fall on Nifty looks like a Falling wedge Pattern, Now its important for the level 5160 to get broken on the downside as 200 Hr MA is 5183, a break below these levels will invite more selling Pressure.Above 5210 or a break above the falling wedge may give strength to Bulls, 5128 & 5060 act as an support as it is 38% & 50% retrace vice versa.

Cheers