Skip to main content

Nifty Technically on 26/06/2013

In my last post I mentioned that Nifty needs to cross 5869 to confirm Trend Reversal and Failure to hold 5730 will add more pressure on Nifty & it may Slide to 5630.. Nifty tested 5864 & broke below 5730 Leading to Panic Sell Off to 5567..

Structurally current Fall from 6229 looks to be developing as a Triple Zigzag. Where Z achieved price equality with W & might have been complete at 5567. A Faster Retracement above 5755-70 would be indication of Trend Reversal. However, Failure to hold 5567 will open up more Downside to 5525-5480..

Currently Market is Oversold & there is +ve Divergence on RSI. So there is higher probability of likely Trend Reversal.. Once Nifty starts trading above 5755-70 we may expect move up to 5970-6045-6090.

By Harsh Dixit 

Comments

Post a Comment

Popular posts from this blog

Wizard of Dalal Street: Govind Parikh's investment mantra

Wizard of Dalal Street: Govind Parikh's investment mantra Govind Parikh of Govind Parikh Securities says selling right is more important than correct buying. He says it is necessary to keep a lot of cash. "We keep an average 10 percent cash in our portfolio," he says I like to buy things in a bad market. Additionally, don't look current cash flow, concentrate on future cash flows — that is what  I look at," says Govind Parikh of Govind Parikh Securities. He advises investors to buy good quality stocks when the market crashes. While sharing his investment philosophy with ace investor Ramesh Damani, on the Wizards of Dalal Street, Parikh says management integrity is very important when deciding which stock to bet on. He tells investors not to buy stocks impulsively. According to him, selling right is more important than correct buying. He says it is necessary to keep a lot of cash. "We keep an average 10 percent cash in our portfolio," he says. He al...
2 comments
Read more

Bank Nifty

Bank Nifty Bank Nifty is a Sell at Current Levels with a Stop Loss of 12,750 Once Below 12,400 the next major Support shall be only 12,000 Levels so a person can go short is bearish or buy putt if moderately bearish . 
7 comments
Read more

GST ........

In the biggest tax reform since Independence, the national sales tax or GST Bill was today approved by the Rajya Sabha to replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world's biggest single market. The 66-year-old Constitution, which gives power to Centre to levy taxes like excise, and empowers states to collect retail sales taxes, was amended though the 122nd Constitution Amendment Bill. Prime Minister Narendra Modi said the GST will "also be the best example of cooperative federalism" and "Together we will take India to new heights of progress". The legislation was approved by the Upper House with 203 votes in favour and none against, after a seven-hour debate during which a rare bonhomie was witnessed among the ruling and the opposition parties. Replying to the debate, Finance Minister Arun Jaitley said the GST rate will be kept "as low as possible" but did not commit t...
5 comments
Read more