Friday, May 13, 2011

NIFTY NEXT- Nifty EOD 13 May 2011 Technical Analysis & OutLook For 16 May 2011

Nifty-spot today(13May2011) ended with a handsome gain of +1.1% at 5544.74 with formation of  white candle on daily price chart. VS of Nifty –Options are suggesting that Nifty has strong support at 5500 and Resistance at 6000 by July 2011 expiry. On Technical  Price chat, major momentum indicators are gaining momentum. Spearman & Centre of Gravity are increasing. PCR-Vol  has increased by +1.14% along with fall in VIX. As per Our Leading Indicator NNI-Nifty Next Indicators, which gained by +415% on 13 May 2011 along with increase in volume, suggests that Nifty has strated a New Bulls Run and Nifty will be Positive  on 16 May 2011. ICICI Bank is looking Good on Charts.

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