Sunday, August 26, 2012

Possible Nifty range for week ending 31 Aug 12

try to locate at nifty weekly chart - The Shooting Star is a bearish reversal pattern that forms after an advance and in the star position, hence its name. A Shooting Star can mark a potential trend reversal or resistance level. The candlestick forms when prices gap higher on the open, advance during the session and close well off their highs. The resulting candlestick has a long upper shadow and small black or white body. After a large advance (the upper shadow), the ability of the bears to force prices down raises the yellow flag. To indicate a substantial reversal, the upper shadow should relatively long and at least 2 times the length of the body. Bearish confirmation is required after the Shooting Star and can take the form of a gap down or long black candlestick on heavy volume.
Last week it was posted
Expecting nifty will trade between 5242- 5390  for week ending 24 Aug 12 extended to 5445 -5200..
and Nifty traded between  5368 -5448  before closing at 5387.

5300 is looking strong support and 5500 as resistance...
seeing all this we can expect nifty range for next week 5270- 5520.
technically bearish at eod chart ....closed below up trending line

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