Nifty Moved as Expected
In our previous Nifty post on 27th March 2013, we mentioned the two targets of our benchmark index at 5680 and 5720 respectively. Nifty was bang on targets giving it's close at about 5680 on 27/03/2013 and 5726 on 01/04/2013, that too with a gap up opening on the latter day.
Now, that the two targets and divergence has been achieved on daily charts, the shape of weekly charts has turned positive with a bounce from the current low of the on going downward channel. The upward momentum still seems to have strength on the 60 mins charts, which takes Nifty to a leg up approx. towards 5850 as a target within the current expiry. However, with an important resistance at 5774 on intra day charts.
Important thing to notice is that the close of previous week and open of the current week is approximately near the projection line we mentioned in our Nifty post on 20th March 2013. Making our analysis even better and stand apart.
To conclude the current upside move is still likely to continue with it's projection at about 5850 (see the aqua line in the chart) and the bias presently remains positive till the gap is filled on daily charts.
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