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Thursday, August 23, 2012

Nifty update

As  I stated in the post below , we saw vary little pullback from the resistance line in Defty. Nifty only made a low of 5294. And now we have broken  the red line , next target blue line . at 3475. I think this up move is going to continue till September 1st week  if we go by US presidential year cycle. . Hard to say what level. We should see 5600, if we are lucky , 5740.

Nifty has a Cup and Handle pattern target of 5900. The bottom is a good W formation , but the volume is not that impressive.  But as i said  some weeks back , I expected the ATR to go below July 2010 levels, and near to August 2010 levels. So explosive moves are expected in the next couple of months.

Have fun.

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