Monday, March 19, 2012

EOD Technical Analysis, CNX Nifty - 19 March 2012 - Bingo!

Nifty - End of Day - 19 March  2012   
We concluded last weekend that the 34 EMA should be held by the Bulls to stage a comeback (see last two sections of post here). By the close of the third hour of trade the Nifty had fallen below the 34 EMA (5305) and thereon crashed by 60 odd points. Alert Bears should have enjoyed the action.

The channel bottom (green line) and our range bottom (200 DMA) beckon even as the 5/13 EMA cross stands at touch and go....touch and go (if the cross fails) produce the best bounce backs....the current hope for the Bulls.