Wednesday, February 1, 2012

EOD Analysis CNX Nifty - 01 02 2012 - Global Cues and the 200DMA

Nifty - End of Day Chart - 01 Feb  2012

In our ' Looking Forward ' for this week (post here) we suggested that " .. we should watch this month's close of the S&P 500.." The relevant post (below) analyzed that its 'Advantage Bulls' so far as the S&P is concerned. No coincidence then, that Nifty cracked the all important 200 DMA soon after. 

The Fib 76x now comes into our radar, divergences (marked)on the indicators need to be noted. We are also exactly at the channel top of the 13 month old weekly channel seen in the Analysis of the  Nifty End of Week Chart  (post here) - that is a 13 month old resistance !