Friday, May 4, 2012

EOD Technical Analysis, CNX Nifty - 04 May 2012 - Trending at last...

Nifty - End of Day - 04 May 2012     
Yesterday's Chart (Click) showed the Index at the Wall - Even Steven for Bulls and Bears...
We also said that we expected a Trending move today.
Last weekend (click - see 'Looking Forward') we stated that "Below the wall, the Bears can take it down real fast - world cues willing."
Our range to break had 200 DMA at the bottom end.

We got the world cues as studied in the last post (click or see below).
The Nifty opened down and then trended down - real fast - 100 odd points.
200 DMA as one can see above was broken on the downside.

Weekend Analysis up next.