Thanks for your comments.
Attached chart is Spot Nifty Weekly at the close of market hours today. Usually, we all enjoy analysing the Intraday and the EOD data. I stretch myself to weekly data too.
We do weekly / monthly & quarterly analysis too friend, but this thread is for intraday only - the other thread which pointed you to is for positional nifty trade discussion...
As far as India and Indian markets are concerned, the good news of NSG is over. Today, markets were expected with a gap-up opening by the most, and they honoured us all. That was the end of it. They did NOT honour the rest of the wishes of staying high, inspite of having the news about the Dow futures running high.
true cause 4450 a crutial level needs to be tested & markets need to pull back, on friday we were sitting on lows & suddendly we cant expect markets to rally 300 points
The US Feds are taking over two companies, and as this was NOT pre-planned, there is no budgetory provision. It means more currencvy notes shall be printed, that shall lead to inflation.
that I mentioned in Alex's Random TA thread, that this should weaken the dollar & thus stop the fall in commodities
But I would rather wonder, whether this would help the recessionary US markets in any way. Here in India, the inflation went up and the markets fell. One cannot be sure for the US, but cannot totally rule out the possibility, although, today, based on the news, US markets may go up. Thereafter what?
this surely does not take out US from a bear market, its short term
The weekly Nifty chart still has the Red coloured 10 days EMA almost running horizontal BELOW the Blue coloured 100 days EMA for almost a month. In the current week, only one day has passed, so one may NOT conclude that the Red line has turned upwards.
Ideally, the 100 DEMA lie should be below the 10 DEMA line during an Uptrend.
The low of 4448.50 on 22nd Jan 2008, in my opinion, is more stronger a resistance than a strong support, but I could be wrong.
And today Nifty has closed below it.
there is some error from your side, We are at 4482 !
However, I do expect the Nifty to go above it tomorrow. Whether it would remain there and could manage to close above it is a million dollars question.
That's the reason I squared-off all my deals today. Better to be safe and keep the profit booked than greedy
and get caught on the wrong foot and loose.
Cheers! Good Luck!
SS
