Wednesday, February 23, 2011

NIFTY NEXT- Nifty EOD 23 Feb 2011 Technical Analysis

Nifty-Spot   today ended below our Support   level  of 5459 to 5437.35 with a fall of -0.6%. It has formed a Three Inside  Down Candle pattern   on daily price chart.  Avg VI of Calls are rising  compare to Puts. As per Volatility Skew of Nifty Options, 5400 Puts & 5900 Calls are gaining Strength, indicates the nearest trading Range for Nifty. Technically, Nifty has given signals of weakness , as MACD & Spearman has started slowing down on daily price chart. As per our NNI-Nifty Next Indicators, which declined by -380% is now trading at -11%, along with decline in Volume, suggest that Nifty may tomorrow 24Feb 2011 Bounch-Back to higher levels from 5400.

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