As mentioned last week the first four days NS remained within the range of
8380 and 8480, a few times touching 8380 but failed to touch 8480. It got
resisted at the 100 (in Ami Chart) and had to retreat.
YAHOO Chart link.
EMAs : Last week though we got a Golden Cross the angle was not convincing
as it is below 15 degrees. All the Emas are in one place and price
is above it. Which indicates mildly scenario, as EMAs are in
: Histogram above 0 and signal inside which is . In the next 2-3
days if the signal got released the bullishness fades away.
Stochastic: fell below 80 ngeating bullishness and bringing down the
BBs : Far away.
EMAs : All EMas below 10 . 45 is below 200 death cross.
100 resisted the nifty last week and nifty retreated.
100 closing down the gap betwen 200 and hope it will not
go down below it. Last time when it went down below 200
NS went down to 6825. If it does down again it can be worse than 6825.
: Histograms above 0 started becoming smaller last week and the signal
now above 0 can get liberated soon. The histogram and signal both
showing red colour which is not good for bulls during this week.
Stochastic" Now at 87 and 82 and when it falls below 80 the negativity creeps it.
BBs : At 8500 and 8137.
TO SUM UP:
By Tuesday/Wednesday the histogram can liberate the signal which will end the
bull trend for the time being. The immediate support seen at 8320-8280-8266-8180
The resistance at 8437-8462.
A close below 8237, histogram opening below 0 and going below 80
can take Nifty below 8137 during the week. This being the settlement week
watch out for volatile movements.