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Thursday, October 6, 2011

Nifty .

Forecast for tomorrow. Go LONG . Double bottom . But just a bounce. Not a huge rally . Chart below with the arrows . Resistances at 4820, 4860 and then the BIG one at 4900. I dont think it will cross that .

Another look at the WEEKLY chart to see where the NIFTY is resting . Remember we had broken a LONG standing channel some time ago . I have drawn another parallel line to that channel from the PIVOT point marked X . The nifty has been bouncing at that line for the last couple of times. In-fact there was a BREACH of that line in the last trading day showing signs of weakness.  If that support is broken , NIFTY can see much lower levels easily.

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