Nifty Fut (Nov series) opened gap up today at 5041 almost 40 pts abv prev close.. Most of the trade session, lacked lustre and was directionless. The range was extremely narrow of just abt 40 pts.
I maintain my view as earlier, that Nifty will either consolidate or correct "mildly" on intraday levels (chances of a major fall are very bleak) because MacdH has shown signs of peaking. Thus, to gain any further strength, on EOD the MacdH ideally must show some sign of exhaustion / negative bar. Once done, I believe Nifty will rally to test its prev. high of 5168. Further, on weekly basis Nifty is strong and also steady. If Nifty maintains the steady growth at the same or higher ROC, this week may see a high of 5190 levels. On the downside, it may test 4950 levels in the week ended 21/11/2009.
I rest my views here ... 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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