Tuesday, April 17, 2012

EOD Technical Analysis, CNX Nifty - 17 April 2012 - Bulls off the Wall..

Nifty - End of Day - 17 April  2012     
Nifty bounced off the Wall for April (5180 - mentioned here 'click') yesterday, with a low of 5184.
Today Bulls rode up on global cues, after the local fundamental news was sold into, as expected in last weekend's 'Looking Forward' (click).
Having crossed the 34 EMA on the EOD, it has paused at the black channel line - circled above.
The MACD, is still sub zero.
Revised channel lines, are presented above.

One expects a channel break and MACD crossing above the zero line, if the 5 EMA crosses over 13 SMA at above 5292, EOD tommorow. 
Global cues, especially outlook for US (S&P EOD, post up after market close), should continue to influence, this move up.