Wednesday, October 20, 2010

Daily Nifty chart ..analysis indicating that profit booking is Beneficial

Daily Nifty chart ended in red ...closing candle is bearish indicating traders negative sentiment towards buying in market
Today we wrote " Yesterday's Nifty daily chart is indicating that market fell with momentum and volumes closed well below 20 DMA confirming continuation of trend ...." here
and market moved accordingly ...
again we advised " Gap down opening is expected with highly bearish sentiment due to weak global and Asian cues. We were advising to book profits in stocks trading at overbought zone  and sit on cash... still you are not at a very poor stage ...healthy correction is under progress ..." sent the mail to you

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