Wednesday, 28 August 2013


Nifty Analysis

Nifty has retraced more than 61.8% and has found at his crucial Retracement level at 5183. (The Retracement level is drawn from 20th December 2011 to the high of 6229 of 20th May 2013.

It seems Nifty will try to rebound now at least for a while.Nifty has a nearest resistance at 5448 on the upside. The next Strong Resistance for Nifty is at 5576, from a gain a selling pressure can be expected.

The short term outlook for Nifty look a little bit positive as a Positive divergence is shown by the MACD Indicator on the daily chart.The Nifty has fallen drastically making lower lows every day, but comparatively the MACD was not making lower lows indicating positive divergence

This week, the Nifty had opened at 5499.40 and touched a low of 5118.85 yesterday on Wednesday, 28th August 2013. As per our prediction Nifty will face resistance at 5448. That means it will not able to cross the week's opening on the upper side.Only if this level is crossed on the upper side it can touch 5576.

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