Wednesday, April 11, 2012

EOD Technical Analysis, CNX Nifty - 11 April 2012 - Cat and mouse..

Nifty - End of Day - 11 April  2012     
In our last intra week note (post below this one), we suggested that the Nifty was in Neutral - Stand Off mode.
We also suggested that channel break or 5 EMA / 13 SMA cross would give the bears, short term strength.
We further suggested that 5225 was the mark for the cross.

We have a close at 5227 today and higher yesterday.
Channel break of significance is yet to happen and the 5 EMA / 13 SMA are in touch.
Yet, based on global cues, Nifty played cat and mouse with the Bear zone, all week.

The short term remains Neutral, as it was for the last two posts.
Watch the 5 EMA / 13 SMA if its a cross or 'touch and go' (deflection).
Based on that Nifty could go bear or BULL !