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Tuesday, January 17, 2012

Nifty pause here??

I think NIFTY is going to touch 5130-70 area. . But right now there can be a pause or a down move. Not much though . May be 100 or 150  points maximum. 
First the Nifty futures chart . Touching 50% retracement. Daily chart overbought. And touching Bollinger upper level.

Then there is AUD/USD  chart. Daily chart almost hiting overhead resistance. Expecting some correction.

But as we can see from the NIFTY daily futures chart above , we have good support at 4890 and then massive support at 4820. I will be targeting only 4890 in this little SHORT , in a day or 2.

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