Monday, February 8, 2010

Nifty 8th Feb 2010

Nifty - A relief rally this week..?
This week we may see a brief rally upto 4800 / 4850 / 4900 / 4950 (trade in the pink channel). We may see upmoves within this channel upto levels mentioned above.
Trend can reverse if the pink channel is broken -ve on a closing basis.
The overall trend remains bearish until 5185 is taken out and Nifty trades above this level for over 3 days.
10 day RSI is trading within a wedge. We may see RSI move to 45 / 50 over the next couple of days. Money Flow index has broken the channel is now facing resistance at 20.
Our ultimate target on Nifty remains at 3800. However, if 4400 holds we may see the begining of a new upmove.

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