Friday, October 28, 2011

NSE Nifty Technical Update 28-10-2011

Since our 5350-5400 target has been hit, it is time to re-evaluate the future course for nifty.

For now we remain bullish, till we have evidence to think other wise.

Obvious Bullish evidences..
1. Nifty broke above 5200 (a good resistance) swiftly which further validates our bullish view.
2 .Todays (28-10-2011) volume were at a 7-8 month high.(highest since April 2011)
3. TV commentators have been bearish.
4. Momentum is rising.

Stoploss for Bullish view:
5160 for now. (Stoploss is a absolute must, irrespective of however strong view a trader can have)

If you have any views, I would love to read them, please use the comments below to write.

Chart Attached..