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Tuesday, January 17, 2012

EOD - 17 Jan 2012 - Nifty Analysis - Bulls break through..


In our 'Looking Forward' note (post here) we decided that 'A strong move above the resistances mentioned in the EOD (@4868) is what one needs to start the week on a Bullish note'.
Nifty - End of Day Chart - 17  Jan  2012
We got that move on Monday with the Nifty beating a weak start to end at 4874 just above the Fib61x (4868). Today the follow up gave even a lazy Bull, 100 odd Nifty points.... See the action spots shown inside the circle on the chart above. A Bullish Tri-Star Doji (post here) effect seems to be present.

Nifty - End of Day Chart - 17  Jan  2012 - New
The next set of channels on the EOD chart that we shall follow is given above. One expects a throw back to the Fib 61x or old channel top as a healthy part of the current up move.