Sunday, November 29, 2015

End of relief rally? - NIFTY View For Week 30 Nov-4 Dec

In this newsletter read about probable move in Nifty.

I am sure you would have benefited by early indication of probable up-move in my last week's letter. 
World markets continued their upward movements, however those moves were with low conviction. In coming week we have series of events like GDP, CPI data and RBI policy are  lined up. Much will depend on these numbers. 

Technical Overview: Last week Nifty made high of 7959 and low of 7812. A range of 147 points. That’s a pretty narrow range of green candle to be termed as Bullish. This candle pattern is suggesting the neutral sentiments with positive bias.  

Nifty has resistance near 7926-8002 area.  

Nifty is now trading near this resistance area. If Nifty has to see further up move, it need to close and sustain above 8002 level.   

If Nifty resumes its down-trend from this resistance, it can move down to 7750 in days to come. 

I feel, after reaching its resistance (7926-8002)Nifty can move down to retest the bottoms once. Be prepared for that down move.   

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