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Nifty spent the week  of April 20, 2009 consolidating and giving a hint of its intentions in Friday’s trading. The attached chart shows it clearly, the fast averages are once again attempting to crossover and signaling the start of another leg up. Despite all this, I continue to be reluctant to dip my toes in the water from the long side as I remain unconvinced that this rally will hold long term steam. On the weekly charts 3640-3650 still remains a formidable target for Nifty and for me it’s a place to attempt a short.

NIFTY April 26, 2009

I am also attaching the chart of S&P 500 showing the progress of the Trend Channel that I had tried to anticipate a couple of weeks back. As we can see from the attached chart - prices have already taken resistance once and could approach the outer line of the channel now. All the best for your trading during the week April 27.

S&P500 : Still in the Channel

This article was written by Ashish of Analysing the (Great) Indian Stock Markets Blog

Tags: Nifty

This entry was posted on Monday, April 27th, 2009 at 1:45 pm and is filed under Market updates, MoneyVidya Blogger Network, Technicals. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.