Nifty closed in red at 4974 after shedding 25 odd points.The broader market favored the bears with 454 advances and 1028 declines.Today's the markets experienced a see-saw ride with markets moving above and below 5000 levels.,but finally the session was done with nifty ending in sub 5000 levels,another minor victory for bears.As it was an oscillating session for markets it provided intraday traders with opportunities on both sides.
Well, the markets are resting just above 4950,which is 61.8 % retracement move of the prior rally.If markets reverses from these levels then we can expect ABC wave pattern to come into effect,which carries an objective of 1100 points on the upside,please note that this would be short term outlook,hence things will only take the shape as and when we move .Further if we do not sustain then levels of 4700 seems approachable,in worst case even 100 % retracement of the previous bull move can also been observed.The matter of fact is right now we are more in skeptic phase where indecisiveness is peaking ,also with the global markets sentiments will cast a considerable effect moving on.The dollar-rupee,crude prices ,euro,Greece concern, need to be looked upon closely.
The RSI indicator has almost approached 30 levels resembling an nearing oversold condition.Whereas the ADX is reflecting 23 levels indicating trend strength is building up.The MACD is with visible negative crossover.
Well, the markets are resting just above 4950,which is 61.8 % retracement move of the prior rally.If markets reverses from these levels then we can expect ABC wave pattern to come into effect,which carries an objective of 1100 points on the upside,please note that this would be short term outlook,hence things will only take the shape as and when we move .Further if we do not sustain then levels of 4700 seems approachable,in worst case even 100 % retracement of the previous bull move can also been observed.The matter of fact is right now we are more in skeptic phase where indecisiveness is peaking ,also with the global markets sentiments will cast a considerable effect moving on.The dollar-rupee,crude prices ,euro,Greece concern, need to be looked upon closely.
The RSI indicator has almost approached 30 levels resembling an nearing oversold condition.Whereas the ADX is reflecting 23 levels indicating trend strength is building up.The MACD is with visible negative crossover.
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