Tuesday, July 24, 2012

Is Bear Waiting ?

Nifty made a choppy session today, Unlike Yesterday Nifty can't move any where, rather Opened and Closed at 5128 and made a doji (on Eod), also came out of the falling wedge channel as shown on the Hourly Chart. It may be a seen as a Interim break out too.

But as per Wave Count Nifty may move up to 5162 for sw(iv) which is 50% retrace of the Falling wedge channel as there is a Positive divergence seen on macd in 15 mins chart also.

But still Nifty is in the grip of Bear untill Nifty able to trade above 5170 with volume. Chances of sliding upto 5080 to 5060 is immense.