Sunday, January 6, 2013

Nifty outlook for week ending 11 Jan 13

Hanging man in continuation
we may expect 1 more same candle which may form tristar a rare reversal pattern
5850-6020 170 points up move in 9 sessions
its 50 % retracement  may take it to 5920
that is below its support of 5940
upside  target 6100 if   hanging man / tristar won't  work

Nifty was trending low making lower highs before fiscal cliff news per hourly chart
It seems last 2 hours trade was bull trap/short covering  negated 14 hrs of profit  booking ...

16 out of last 18 ... 60 minute candles are  indicating selling pressure at higher levels .
hanging man candles at eod are reversal indicator -confirmation required.
If confirmed minimum 100 points correction can not be ruled out ..
if not confirmed  then Nifty may consolidate at 6000/- level till 10th Jan...
On 11th  Nifty will break current level at announcement of Infy result.

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