Tuesday, April 5, 2011

NIFTY NEXT- Nifty EOD 05 April 2011 technical Analysis & OutLook For 06 April 2011

Nifty-Spot today ended with Flat note at 5910.05  with formation on Hammer Candle & Bearish Bat Pattern on Daily Price chart. It recovered from its lower price of 5855.85 as per our Morning Calls. AS per VS of Nifty –Options, 5900(Nifty-Fut) is strong Support for Nifty and Bulls are eyeing for 6400 in next 3 Months. On Technical fronts, Nifty  is I overbought zone .Major momentum indicators are showing little weakness. Fisher RSI indicates that Nifty will be in overbought zone for some more Trading sessions. As per Our NNI-Nifty Next indicators, which declined marginally by -32% along with Trader’s Hope , suggests that Nifty Will Trade with negative bias and Recovery will be there on 06 April 2011. Alok Ind  & IDEA will be Traders Picks for Trading on 06 April 2011.

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