Wednesday, June 10, 2015

Is this a Bull Trap or Bear Trap ?!?!?!?

Dear All,

>>> Nifty - Hourly Chart <<<

>>> Click the chart to see on full screen <<<

US index provider MSCI Inc on Tuesday deferred enlisting China A shares in the index, was an relief for other emerging market investors - including India. Market started moving up since today morning.

As wrote earlier - Nifty was clearly holding 8000 till Yesterday and started moving upward. Today Price able to cross and close above 8116 shows the strength of bulls.

Next - Key resistance 8183 - should cross for any further rally or upside. RSI must give a break out as shown on chart.

One more good News - after market hours as follows.

The government's current account deficit narrowed to $1.3 billion, or 0.2 per cent of gross domestic product, in the January-March quarter from $8.3 billion, or 1.6 per cent of GDP in the previous quarter, the Reserve Bank of India said on Wednesday.

That compared to $1.2 billion in the January-March quarter of 2014, the Reserve Bank of India said.
But the balance of payment stood at a surplus of $30.1 billion during January-March, a sixth consecutive quarter of surplus.

The trade deficit in the January-March period narrowed to $31.7 billion from the previously reported $39.2 billion a quarter ago.


>>> Click the chart to see on full screen <<<

If this count is not wrong, Expect a good bounce from here.

>>> TECHM <<<

>>> Click the chart to see on full screen <<<

Wave A completed on Tech Mahindra, Now a bounce for Wave B - may fill the gap above - as shown on chart. Cheers!!!