Nifty continued its dream run with another 2.3% upmove for the previous week. FII has bought equities worth 4691 cores on first 3 days on February, which lead to Nifty moving above the 200 DMA.
Trend Deciding level 5205 gave good trade to positional traders as per Last Weekly Analysis
Are we out of Woods looking the the dollar inflow we saw I guess not as still MACRO problem persists. Core sector grew a tepid 3.1% in December, and credit offtake for calendar 2011 almost halved to 15.2%. On the positive side, the HSBC Purchasing Managers' Index (PMI), a sentiment indicator, climbed to a seven-month high of 57.5 in January.
So now everybody is asking are we in Bull market or this is one of the sharp and swift bear market rally?
As a Technical Analyst there are basic 4 Criteria to define Bull and Bear Market
1. Trading above 200 SMA -- It has been 3 days Nifty has been trading above 200 SMA . Condition Met
2. 200 SMA should trade below 50 SMA which is still not met.As shown in below chart 200 SMA is trading above 50 SMA.Condition Still not Met
Read the Full Story
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Rgds,
Bramesh
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http://www.brameshtechanalysis.com/
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