Tuesday, October 5, 2010

NIFTY NEXT-Nifty EOD 05 Oct 2010 Technical Analysis(Bulls Return)

Nifty today(05 Oct 2010) closes at 6145.80 with a decline of -0.20% after hitting Day’s High at 6188.35.It has formed a Bearish  Harami Candle Pattern on Daily Price Chart. The Vix   is now at 22.17 and it is now at comfortable level for Bulls. Nifty  is now trading at RSI(9)-78.58 & W%R -87 with most Momentum Indicators are in Over Bought Zone mainly Stochastic. MACD & UCO is in Positive zone and are supporting the BULLs Faith. Our NNI-Nifty Next Indicator today gained by +49.0% and it is now at +9.60% level with increase in Open Interest & Decline in Volume.NNI suggests a  Positive Trading Session for Tomorrow(06 Oct2010).If Nifty(Cash) hold and trades above 6176 level, then our Weekly Target 6317 will hit by 7 Oct2010.

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