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Wednesday, May 4, 2011

Nifty VERY bearish

With the RBI hiking rates by 50bps, NIFTY has turned very bearish. Nifty has fallen for the 8th consecutive day and this has not happened for the past 3 YEARS!!!!!!.Technicals OVERSOLD. SO expected a littlebounce here . Also the trend line is HIT.

Nifty may try to touch that 20 Period EMA . Most probably a touch at 5640. But not expecting too much of an Upmove here.

Weekly charts . technicals signal SELL.


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