In the wake of the Dubai default fears, Nifty Dec series, on friday opened gap down at 4918, almost a 100 pts down from its prev days close at 5005. The day saw a low of 4801, another 100 pts down from its open.
However, Nifty recovered 145 pts from its low to close at 4946, above its 50 EMA in the noon session.
On EOD charts, the 3 and 13 EMA have given a negative divergence. Daily Momentum indicators, Rsi, Stochastics, MacdH have all given a negative intersection. Total volume on Nifty was 4.26 cr. almost double than the prev. days volume. Any closing below 4914, which is 50 EMA, will be a confirmation of downtrend.
Markets will remain volatile and rumour sentive in the coming week. Below, 4801, Nifty may test 4763, which is 38.2% fibonacci retracement of the current impulse wave.
Above, 4960, it may test 4990 levels, which is 200 EMA on 30 mins intraday chart. Trading with a negative bias will be more comfortable, I believe.
Happy Trading !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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