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Tuesday, December 18, 2012

Analysis of NIFTY : 18-December-2012

Today NIFTY moved exactly as per our yesterday's EOD Analysis. We said, "watch out that level (5875-5880) too where SHORT may be initiated with small SL" and NIFTY made low of 5823 from 5882.

In yesterday's chart, bullish possibilities were discussed and NIFTY moved up from support area of 5830 (marked by thick green line in yesterday's chart) to 5905; as we said "Above 5865 NIFTY may target 5878/5886/5905".

So, will the upmove to continue?

Let's find out...


With corrective downmove from 5961 to 5823 RSI created more space to move up and so is Stochastic. Volume was better and broken out of downward slopping line. So, positive move may be seen in NIFTY.

Tomorrow NIFTY may open positive but 5930 level becomes important zone where we may see some consolidation or correction. Surpassing 5930 may invite DECENT UPMOVE.

Wish you happy trading !!!

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