Friday, July 8, 2011

NIFTY NEXT- Nifty EOD 08 July 2011 Technical Analysis & OutLook For 11 July 2011


Nifty-Spot today( 08 July 2011) ended at 5660.65 with a huge fall of -1.20% with formation of a Long Black Candle on Daily price Chart. Nifty has find strong resistance at Upper Side of Expanding  Triangle Pattern at 5731.30. VIX has increased by +0.30% to 18.67 on 08 July 2011. On Technical Chart, major momentum indicators are looking week. Buyer-Seller Force Index, RSI & W% R are cooling –off from its higher levels on daily chart. Nifty has now strong supportive level at 5608.70.If it breaks these levels and closes below 5442 in mid-term basis, then we may enter into a Bearish Phase.
Editor’s Note : This Article is written by Vina S Singh, Senior  Chartist at  www.niftynext.com , which is a Technically Based quant Research Firm, M/S Durgapur Holdings in Durgapur, West Bengal, India that covers all Stocks, trades at NSE. We use Ami Broker Charting Software. You can reach the Chartist here mail@niftynext.com . We are Using AmiBroker Charting Software(V-5.40). 

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