Sunday, December 18, 2011

Nifty: Week ending - 16th December 2011.

RecapOur view 'Looking forward' last weekend was that the Nifty was in a Bear mode ... the directional call in the mid week's post was bearish .... Nifty gave the bears 200+ points last week and made a new low .. and since our premise for the correct call was 'following the trend' and 'moving averages' here is a opportunity to brush up on them ...


Nifty - End of Day Chart - 16 12 2011

Nifty End of Day Chart: Nifty is mid way the Fib 61x and the Fib 50x - the new channel lines are shown and one expects the Bulls take heart from the less than Bearish close of the US markets ...

Nifty - End of Week Chart - 16 12 2011
Nifty End of Week ChartOur resistance/support line on the Indicator is holding and Bulls would like to use this as a 'take off point' at some stage ... notice that last week's Bearish Harami gave good returns..we have the third weekly close below the 200 DMA this year and as they say .. third time lucky?

Nifty - End of Month Chart - 16 12 2011
Nifty End of Month ChartMonth, like Week and Day are oversold and in deep red...

Looking ForwardBears Rule as of now...change of trend is not apparent on the charts - and  is therefore almost inevitable ... until then its best to be a bear... mid week updates shall be up  ..