Tuesday, October 26, 2010

NIFTY NEXT-Nifty EOD 26 Oct 2010 Technical Analysis (Bullish On 27Oct2010)


Nifty –spot today (26Oct2010) ended with a decline of -0.4% to the level 6082,below its 20DMA at 6101.07.It has formed a Bearish Engulfing on Daily Price Chart. Major Momentum Indicators , such as Centre of Gravity, UCI & MACD are now in Buy Zone, while  Schaff Trend Cycle is moving south-ward. As per our NNI-Nifty Next Trend Finder which gains for 2nd day by +30% is now trading at +79 level, along with increase in Open-Interest & Decline in volume.NNI is now suggesting a Bullish Trading Session for Nifty Index on Tomorrow 27 Oct2010.Our Nifty Target 6340 is still intact.

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