Monday, September 10, 2012

Are Bulls Tired ???

Dear All,

After Europe Based rally on Friday, its FOMC turn.

All eyes are on the Fed monetary policy meeting this week and due to the fact that last Friday's NFP report was rather disappointing, with only 96000 jobs added (considerably below forecasts of 130000). Consequently, expectations for a third round of QE to be introduced at the upcoming meeting have increased.

The final Outcome may be on Friday after 2 days of meeting.

>>> NIFTY <<<

> Click the Chart to see on full screen <

After a big gap up Opening on Friday - and followed by the consolidation today - it seems - Bulls are little bit tired.

Now as marked with arrow mark on chart 5350 plays an important support, if breaks then may test the following support - 5343 / 5327 & 5310.

If 5310 Breaks, then Nifty may try to fill the gap left at 5240 on Chart.

Lets Wait and See. Cheers!!!