Tuesday, November 06, 2012

Rising to Fall ????

Dear All,

>Click the chart to see on full screen<

Of course Nifty above the Resistance - But I doubt there is a Possibility of double Zig Zag like abc-x-abc type of correction. The Doubt gets strength when Price is moving up today and Indicators like MACD not supporting - suggest today's upmove shall be marked as X.

May be I am wrong. But Only the Price should confirm the trend tomorrow, as every one is waiting for US Presidential Election Outcome as the sentiment may drive the market. But Technical telling a different story.

>>> BANK NIFTY <<<

>Click the chart to see on full screen<

Bank Nifty also mirror the views of Nifty. abc-X-abc. As said above in Nifty - Only the Price must decide which is right and wrong.

>>>KTK BANK <<<

>Click the chart to see on full screen<

KTK Bank - seems to be tiered of upmove, may give a pause before next rally. I feel it wont cross 140.50 as it had topped out there and a possible downside may touch the support line drawn on chart.

Lets wait and See. Cheers!!!