Nifty Analysis for June 2008
NIFTY View
7th June 2008
On Friday US market was down about 3%. Crude Prices at all time HIGH.
Inflation above 8%
Technically NIFTY broke its long term Trend Line(Both on Weekly and Daily Charts) – Bearish
MACD Shows Bearish Signal
RSI (Relative Strength Index) Just above 30 – Bearish
STC (Stochastics) %K line crossing above %D Line – Bullish
Daily Pivot (Only For Monday)
|
R2 |
R1 |
Pivot |
S1 |
S2 |
|
4794.83 |
4711.32 |
4662.78 |
4579.27 |
4530.73 |
Weekly Pivot
|
R2 |
R1 |
Pivot |
S1 |
S2 |
|
5062.97 |
4846.43 |
4692.97 |
4476.43 |
4322.97 |
R – Resistance, S – Support
NIFTY Daily Chart
Monday will be a crucial day for NIFTY, if its sustains above its pivot i.e 4662 and above 4692 this week then we can see 50% retracement of the recent downfall (May 16th to June 6th 2008).
And its Resistance will at 4843.15
In long term any turn downwards from 4843 can bring NIFTY to 4188.90
And in case if it sustains above 4900 on closing basis then and only then we can think of some good target for NIFTY upwards.