Monday, June 21, 2010

NIFTY EOD Analysis as on 21st June 2010

A Big Green candle, almost a Marubozo type candlestick with no lower wick and very small upper wick showing bullish bias.
Volume was low today, even though, NIFTY broke the resistance at 5300 level and closed above it.
EMA3>EMA13>EMA39.
Slope of EMA 13 is up.(+)
Since, volumes have been low today, inspite of the buoyant global markets, i think either we are going to see a consolidation or sideways kinda movement phase or  we will go down from here(which is highly unlikely now).

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