Sunday, March 11, 2012

Nifty Trend Charts

Nifty is still in a bullish trend based on the daily trend charts but is testing a significant resistance on hourly time frame charts.

The economic data coming out of US has been very positive lately - including ISM manufacturing & non-manufacturing data and non-farm payrolls. Both of these are signifying an expanding economic environment. In that backdrop - Nifty has some reasons to continue finding support and RBI's move to cut the CRR is also going to inject a lot of extra liquidity in the financial system.

Here are the Nifty index hourly and daily charts.

Nifty SGX Futures Hourly Compressed Trend Chart

Nifty Index Daily Compressed Trend Chart




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