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Honeykk
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| 13 September 2011, 11:19:06 |
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Bullish above 5172 & Bearish below 4941
SOURCE http://onlinetradingttips.blogspot.com/
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REVIEW of LAST WEEK
Please refer to Nifty Outlook 5-9-11 to 12-9-11, posted last week. As indicated we witnessed Upward Rally from 4965 (5-9-11) to 5169 (8-9-11) and all upmove levels upto 5157 and 5169 worked out perfectly.
Heavy Sell-Off was seen on 9-9-11 on Weak Global Cues (Weak European Markets) and Nifty breached 5136, Important Support of 5118 then 5110 – 5097 – 5084 – 5071 – 5050 and finally closed @ 5059.
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NEXT POSSIBLE MOVES – Bullish above 5172
Nifty is STILL in uptrend and may go ahead up to 5197 – 5232 and 5325.
But, Nifty must cross 5072 – 5084 – 5110 – 5118 – 5136 - 5157.
If Nifty manages to cross and stay above 5163, next levels will be 5189 – 5197 – 5229/5232 – 5258 – 5285.
Levels above 5285 and up to 5325 will be considered after reaching 5285.
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NEXT POSSIBLE MOVES – Bearish below 4941
If you look at the charts, you will notice TWO Bearish Signals predominantly.
1) Candlestick pattern is showing (A) Bearish Engulfing Reversal, and once again (B) Bearish Hanging Man Reversal.
2) As stated in earlier Post, Nifty is trying to form Inverse Head and Shoulder Pattern and tending to move downwards.
Under such circumstances, if Nifty does not HOLD 5054 and breaches 5040/5030, it may go down to 5015 which is supposed to be Strong Support.
If 5015 is breached, then Nifty will definitely slip down to 4992 – 4989 – 4973 – 4965 – 4948/4946/4944/4941
This LEVEL onwards, Nifty is likely to make a bounce-back to reach the levels as shown in chart.
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EFFECT OF GLOBAL CUES AND DOMESTIC EVENTS
1. Global cues are weak once again (Asian-European-American)
2. Advance Tax Figures and RBI Policy Review are the forthcoming important Domestic Events.
These factors may have Positive / Negative Impact on our markets.
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ALERT
1. Market may remain Bearish, this week.
2. Watch carefully the Movements at the World Markets.
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My Nifty Trading Strategy on 12-9-11
Nifty is likely to open Gap-Down.
If Nifty does not move above or HOLD 5054,
I will go SHORT around 5050/5040/5030 with SL 5091 for TGTS 5015 and upto 4992 – 4989 – 4973 – 4965 – 4948/4946/4944/4941.
Update, if any, will be communicated after watching Asian Markets in morning on Monday. |
