Nifty(4873): Not much changed from yesterday's price action. The same conditions prevail. Either Nifty's corrective rally is ending or there is little bit of steam left (see yesterday's chart).
Reliance Daily Chart
The above chart is that of Reliance - the stock is hovering near its 52 week low and has not even been able to mount a corrective rally to its 50 DMA.
INR daily charts
Also the Indian rupee is starting to loose strength. On the chart above, the red line is an important support for the Dollar. The candles here are starting grow smaller and signals loss in fire power for further strength for the Indian rupee. A reversal bar here will be an ideal entry for Long Dollar against the rupee.
Be patient, the market will present a juicy shorting opportunity.
Support for Nifty: 4800 Resistance 4920-4950.
6 Responses to “Technicals 17th Jan 2012”
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What is the probability of the current upside extending beyond 4920-4950?
Hi Jai,
Could you pls cover your old favoruites in Auto – Hero & Bajaj and ICICI Bank too.
Regards
Jayaram.
Jai,
Rupee seems to have broken down that level as of now. Basis this I feel that Nifty may thrust upwards till the next supply level..
We stand by for your advice.
Regards
Jayaram
Sir
The dollar has gone below 51, now trading @ 50.96… Does that invalidate the wave count that we had on usdinr.
Hi Jai, Wish you a very happy new year. Now that foreign individuals are allowed invest in Indian equity, what s your take on this development. Thanks
Hi Jai,
How does the technicals of Gold & Silver stand currently according to your reading?
Is there any possible trade in Silver?
Best Regards,
Parag