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Tuesday, July 24, 2012

Nifty :Waiting game

Nothing should be done now . Indicators are moving towards the oversold zone. According to some analyst US 10 year treasuries are going to bottom around August 1st -2nd week. And then we could be seeing some good rally. Before that a good correction is expected in S&P index .

Looking at the Nifty chart we see that ATR has gone down a lot , and now just bounced from a level seen in July 2010. I expect it to go lower than that find support at August 2010 low levels.
And after that I expect the ATR to rise , and so explosive moves can be seen.