Thursday, July 16, 2009
Reigning The Nifty - 17th July, 2009
Though the day's trade was disappointing, Nifty's neck remained untouched. Daily momentum seems to be supporting an upmove. A falling wedge is spotted supporting an upside. So long as Nifty's neck remains intact, we can expect a breakout of the falling wedge, opening up possibilities of more upside.
Daily oscillators are showing strength and intraday oscillators are correcting their overbought condition. A weekly close above 3905 will keep hopes of recovery alive.
Nifty is directionless as of now making positional trading difficult. Taking nimble trades would be the right thing to do.
Happy Trading !!