Wednesday, May 18, 2011

NIFTY NEXT- Nifty EOD 17 May 2011 Technical Analysis & OutLook For 18 May 2011

Nifty-Spot Today closes at 5438.95 with huge fall of -1.1% with formation of Three Inside Down Pattern Candle on Daily price Chart. As per Volatility Skew Analysis of Nifty-Options Data, Nifty-Fut Trading Range is 5400-5700 for next  July 2011 Expiry. PCR-Vol  has increased marginally by +1.15% on 17May2011.On Technical Chart, Major momentum indicators are in OverSold Zone. As per our NNI-Nifty Next Indicators, which  gained by +195% along with Increase in Traders’s Hope and Volume, suggests that Tomorrow on 18 May 2011 ,Nifty will Trade Positive or will cover its losses.5367 is now Strong Support for Nifty in adverse situations. Banking stocks will Zoom tomorrow (18 May 2011) .

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