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September 7, 2012

Bank Nifty Chart

Bank Nifty has bounced from the trendline in todays opening trade and has given a gap-up opening. A clear buy signal.

Nifty above SAR in buy mode

Nifty has opened gap up above the SAR and is in buy mode.

September 6, 2012

Nifty approaching 5200

Nifty could not sustain 5250 yesterday. Watch out for Downside support at 5190-5200, and upside resistance at 5260-5300.

September 4, 2012

Nifty Breaks 50D SMA

Nifty's attempt to recover did not sustain yesterday. It finally broke 50D SMA and closed below it. Now 5200 is the level to watch. India's rating downgrade news may be a trigger now.
Fibo Targets:
From     To                50%          61.8%
5032     5448            5240          5191

Nifty is currently at 50% retracement.