KST Nifty Futures Daily
KST Nifty Futures Weekly
Pivot for 24/Jan/2011
Monday, January 23, 2012
Sunday, January 22, 2012
Trading plan for this week (23-Jan-12 to 27-Jan-12)
Looking at the daily chart few things come to my mind:
1. On Friday nifty formed long legged doji at upper boundary of BB.
2. 20 EMA touches 50 EMA which could be either fast fall setup or a crossover.
3. RSI (14) is at overbought zone.
4. -ve divergence in weekly chart (not shown here)
All these are hinting towards possible correction in price. A bad show by reliance in terms of quarterly result is possible reinforcement of my thought.
Fundamentally, we are better shaped as inflation has come down significantly and there is no bad news from eurozone. So, a possible rate cut from RBI can fuel the market in northward journey. So, I'm in favour of correction only. Bears may gain control again if NIFTY closes below 4630.
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