But the Nifty chart is suggestive that the current rise in indices is corrective in nature.
The Volumes are not supporting the rise while the MACD too indicates a low 'momentum'. The conclusion could then be that the upmove in the next week near to 4400-4440 should be corrective and an opportunity for us to lighten our positions.
More so as the forthcoming budget seems to be a tough one for our FM especially in a scenario of global recession, world wide protectionism , rising stock markets, falling rupee, falling inflation and rising prices !!!! (wooops)
And hey !! do my readers also see something else ?? a pattern may be ??
(More of it next week)
Till then - Enjoy the weekend!
CA Rajiv D Khatlawala
Head of Research & Training
JHAVERI Securities Ltd.
2 comments:
a perfect head and shoulder neckline pattern may be in the process of making for a steep downward slide ?
give your opinion !
what an level 4440 & thats an exact high on 30th & mkt fell of around 130points....gr8 analysis & i am a regular of your blog.thank u so much...
Post a Comment