Nifty-Spot ended at 4624.30 on 30 Dec the Last Trading session of 2011 with a fall of -1.70% with formation of a Black Candle. Nifty lost its value by -24.60% in 2011.
On Yearly Price Chart, Nifty is looking Bearish. All major momentum indicators are in Over-Bought Zone.6357 is Strong Resistance for Nifty on Year-Of-Year Basis, while 2950 is the strong Support .
On monthly price chart, Nifty seems to find a support around 4208 and has strong Resistance at 5307 in next few months. Major Momentum indicators are also trying to come-out from Bearish zone.
On Daily price Chart, Nifty is now Trading below its 15DMA(4745).Major Momentum are showing weakness. If Nifty Trades below 4603, then Indian Index will slide to 4355.Nifty has now Strong Resistance at 4851.
What Our Sr.Chartist Says about Nifty for 2012- Nifty-Spot is under Bears Grip now.We expect the Nifty will touch the mark of 3550 and subsequently move to higher levels of 6350.This will pave the way for 7992.63 in next Bull-Move.
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