Hello Everybody, Update for this Week
I personally follow EMA for trading, above is the Daily Chart of Nifty with the Moving Averages, it is very clear that, week ended near 8340-8350 Range on the Pivot Point, Any opening below 8349 would take Nifty towards 8300 to 8285, where you can see the 200 Moving Average, its at 8285.99, at most 20 points on the down side, where it has sufficient support to bounce back, MACD is positive and Stochastics show bit correction.
This week I prefer to stay on the waiting side, lots of things happening around,Nifty is going to have a correction, although the inner wave is a positive one.
- Trump has taken the Office as President, Week is going to full of unpredictable reforms.
- There is a Petition coming for hearing before the Hon'ble Supreme Court for postponing Union Budget
- We have a holiday on Thursday, it means derivative Contract for January ends on Wednesday,
- So we have to have a week off from trading.
- We still have 2 Packets to invest, and holding SUNPHARMA, ADANI PORTS, TVS MOTORS, TATA COFFEE, there is nothing to worry, as it is equity, which we have invested in.
TECHNICAL TREND FOR THE WEEK, BASED ON EXPONENTIAL MOVING AVERAGE
( EMA )
___ 9 Moving Average
 |
| NIFTY DAILY CHART |
___ 20 Moving Average
___ 50 Moving Average
___ 200 Moving Average
I personally follow EMA for trading, above is the Daily Chart of Nifty with the Moving Averages, it is very clear that, week ended near 8340-8350 Range on the Pivot Point, Any opening below 8349 would take Nifty towards 8300 to 8285, where you can see the 200 Moving Average, its at 8285.99, at most 20 points on the down side, where it has sufficient support to bounce back, MACD is positive and Stochastics show bit correction.
Features of the Chart:
- Strong support at 8285.99
- There is a positive crossover of 20 Moving Average Crossing the 50 Moving Average at around 8273, which would according to me is the last support of the correction and i very strongly believe that, there is going to be a bounce back from that point.
- Any bounce of around 200 points would project that, 50 Moving Average would Cross the 200 Moving average on the positive side, which is called as GOLDEN CROSSOVER and it would project a long term positive trend towards 9000.
- Totally, Nifty is positive, a small correction expected, wait, buy on dips market, do not buy until, the bottom is hit and the stocks are moving upward.
