A small post this week - Even though I was expecting a quick up-move in Nifty, I was taken by surprise by the force of the move as our initial resistance of 5720-25 was broken in no time at all. In fact I hadn't even bothered to put the next level on chart - thinking it to be way too far. The next level is 5920 and we are almost there.
In global markets - Friday evening saw some bearish price action - Primarily in European equities & confirmed to some extent by US equities. The risk Fx and equities in Europe/US are at crucial levels - and if S&P 500 can conclusively break the region of 1130-1133 (meaning 2 consecutive EOD closes above the level), I feel that bears would throw in the towel en-masse exposing their... er.. underbelly. However, till that happens I think bears would put a lot of effort in protecting this crucial level - so we can expect some volatile price action around this area.
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| Nifty EOD Levels for week of 20-Sep-2010 |
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