NIFY EOD Analysis as on 24th November 2010

The Hammer did not get bullish confirmation today, but still the range was inside yesterday's full day range. The short term outlook is -ve as of now.

Questions
What is going to happen next?

Let's wait and watch!

NIFY EOD Analysis as on 23rd November 2010

Today, NIFTY broke down well below the 61.8% level during intraday, but bulls pushed it higher and then the close was above 61.8 level. The candle pattern looks like a hammer. Needs confirmation now. Until then, we are in downtrend.



Questions
What is going to happen next?

Let's wait and watch!

NIFY EOD Analysis as on 22nd November 2010

From the chart, we can see that today NIFTY bounced from the 61.8% retracement level. But still we are in downtrend in short-term.

Questions
What is going to happen next?

Let's wait and watch!

NIFY EOD Analysis as on 19th November 2010

Again a red candle was formed today, which closed just below the 61.8% retracement level. Will there be a pullback from here or will bears continue marching ahead? Let's see what's in store ahead.




Questions
What is going to happen next?

Let's wait and watch!

NIFY EOD Analysis as on 18th November 2010

Today a big red candle was formed. During the day, it touched the Fibo retracement level of 61.8%. Today, we also saw that the pivot low was broken.




Questions
What is going to happen next?

Let's wait and watch!

NIFY EOD Analysis as on 16th November 2010

Today NIFTY formed a bearish engulfing in a downtrend. Also broke the pivot level trendline today and closed below it.
Now, the uprend which started from sepember is in question.

Will this lead to correction?


Questions
What is going to happen next?

Let's wait and watch!

NIFY EOD Analysis as on 15th November 2010

NIFTY 15112010

 It was a green candle day today. NIFTY made a bounce back from the uptrend line today. If it sustains, then we may move upward in coming days. We will have to wait for tomorrow's closing to decipher the next move.





Questions
What is going to happen next?

Let's wait and watch!