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Thursday, May 3, 2012

EOD Technical Analysis, CNX Nifty - 03 May 2012 - Perfect 10

Nifty - End of Day - 03 May 2012     

In our weekend post (click - see 'Looking Forward'), we saw strength for the Nifty above 34 EMA on EOD and EOW. 
As seen in the circle the Nifty visited the 34 EMA on the EOD - and turned back.

Below the Wall (May) at 5189 we said that the Bears get into the action.
With today's close at 5188 - we have a perfect landing in the Bear's lap.

Having run the full course, we now expect the Nifty to start a trending move on the last day of the week.
Although the Nifty is largely in the red currently, Bulls and Bears are 'Even Steven' on whose trend it will be.