EOD Technical Analysis, CNX Nifty - 22 March 2012 - Channel Bottom!

Nifty - End of Day - 22 March  2012     

In our analysis of the US market last weekend (see end of post here) we concluded that we would anticipate a Correction. In our study on Nifty (see end of post here) last weekend we said that since US & Europe could correct, Indian markets would be under pressure to go Bull. World markets corrected and India too, fell today.

Yesterday, we observed that we were a nudge away from the green. The 5 EMA and 13 SMA on our EOD charts were showing a possible 'touch and go'. Circled area (from above) is zoomed (below) with a red arrow showing the touch. Bullish for the morning session, after Europe opened, we saw the 5 go below the 13 and the Nifty fell by 100 points. So one observes, that these 'touch and go' scenarios produce great Bullish and Bearish moves, simply because of punters positioning themselves too early, anticipating a crossover and then covering in a panic !

Nifty - Zoom in for 5 EMA & 13 SMA 'Touch and go' action from chart above

EOD Technical Analysis, CNX Nifty - 21 March 2012 - Yo Yo @ 34

Nifty - End of Day - 21 March  2012    

On Monday the Nifty stayed below the 5 EMA and crashed after tripping on the 34 EMA - then after a day below it - today the Nifty shot above the 34 EMA and thereafter the 5 EMA. 

Keen tussle, Bulls are in the Neutral zone, a nudge would send them into the green, to add to the fun, the 5 &13 EMAs are again poised for a possible touch and go.