Sunday, October 14, 2012

Nifty prediction for week ending 19 Oct 12

nifty weekly chart
hanging man
bearish engulfing candle profit booking started 33 % correction is under progress
Possible support as per fib retracement at weekly chart is coming at 5537 spot ..

As per daily eod chart  technical signals are favoring bears and nifty is making head and shoulder pattern ..

Hourly chart is showing that nifty is consolidating in 40 points range ..
Nifty will move towards 5900 if sustained above 5730...
and will move  towards 5530 level if it will trade below 5630 ...chances are higher of profit booking in market.

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