Dow Jones

Fortunately or unfortunately our last prediction had come true on the down side! Our traders benefited on it. Now what next....oversold conditions in the market place suggesting an up move but the drop of 2000 points spoiled all bull indicators! We are now in wait & watch mood and some short term intraday trades.

Dowjones

Have a close look at the Dowjones Daily chart....it is equally poised for a very BIG up or down move. Break above point B ie 12872 will take it near its all time high of 14270. A rejection between current level and 12635 will make it go down to 10700... so chance of hefty 2000+ points move either side with in this month or following month....tighten your seat belts.

NIFTY Analysis

NIFTY after a very good rally of over 450 points now fast approaching its resistance zone of 5700-5775. After seeing the action here, we shall take trades

Sell NIFTY Futures

Nifty at its resistance...Sell now at 5590

This order did not fill as the price did not come up to 5590, day's high was only 5574

Buy NITY Futures

25-05-2011 14:18 IST The long position entered on 23rd at 5380 may be closed now at 5470 with 90 points profit, to avoid any week end troubles.

Buy NIFTY Futures now at 5380 with 5340 Stop Loss

NIFTY - What to Expect?

Ooops....NIFTY is testing its 5385 base again, be cautious!
 
As discussed in the following post on 6th April 2011, NIFTY was down around 500 points. Now NIFTY looks like formed a base at at 5385 and trying to reverse. A long position can be entered now with Stop Loss at 5350. A close above 5510 on Monday 23rd May 2011 is a strong encouraging signal for this long position, do watch this level for further action.

NIFTY - What next?

As discussed in our previous post dated 29th March 2011 NIFTY managed to stay in uptrend and hit 5970 (NIFTY Futures) today which is 78% retracement of previous fall. Now a pullback cannot be ruled out as RSI is in overbought and also momentum is weakened in last two sessions, as seen from the below chart (click on chart to enlarge).