Saturday, October 29, 2011

Nifty trading range for week ending 04 Nov 11

Earlier Nifty spot get supported at 5178 level ..at that time we marked fib like this at weekly chart ...5178. 5425 are  crucial according to it..and 5425 will resist further up move...Nifty is settled at 5360...next week Nifty range  is coming as 5200>><<5425 ..assuming that 5425 won't permit bulls to move further up...
If bulls will able to clear  5425 then they will take it to 5619...
Previous week Nifty prediction range shifted up by 150 to 175 points..
just trade accordingly ..
Daily Nifty chart is showing a perfect spinning top in highly overbought zone ...only 1 negative closing will turn the direction of move ...
Daily nifty chart is showing spindle tops and huge gap lying there 5214 to 5330...will market try to fill it soon ?

yesterday OI addition for Nifty was more than 10 lac .
Volume was higher comparatively ..
and interpretation is ...

 If  open interest is high at a market top and the price falls off dramatically, this scenario should be considered bearish. In other terms, this means that all of the long position holders that bought near the top of the market are now in a loss position, and their panic to sell keeps the price action under pressure.

1 comment:

  1. VERY GOOD SENTIMENT, AND SAME CONDITISION IN SILVER , IT CAN BE TOUCH 58800 AND AGAIN COME DOWN NEAR 55200- 54600 - 53340 AFTER ALL BASE METALS EXP. ( 31 OCT. )

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