Nifty Weekly Technical Analysis for Expiry Week

2012 started with a bearish noises all around and traders shorting stocks index on every rise. Investors were not deploying cash thinking of getting stocks at more lower levels. But market always move against the mass psychology and its Proved TRUE yes again. 

Nifty is up 9.2% in January 2012 Till date.In fact, this is best performance in January Month in last 10 years :). The rise is driven by FII Funds Flows and anticipation of RBI easing rates after monetary tightening cycles of past 2 years . RBI meet is on 24 Jan

Lets move to Technical of Nifty for coming Week. Last week we discussed Nifty not breaking 4804 is bound to move up and same happened this week with Nifty moving up by 3.8%.

Nifty Hourly Chart

 

On Hourly charts shown above i have pointed all the 4 Gaps which have been left unfulfilled from the rise of 4640-5064 on Nifty Spot. For a healthy rising markets such gaps needs to be filled as it can be ...


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Rgds,
Bramesh
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http://www.brameshtechanalysis.com/

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