Nifty Forecast

S&P CNX Nifty EOD Chart
Nifty Daily Chart
The Nifty has reversed its bias from bullish to bearish on the 9th of July, 2012. The index is expected to fall to some extent until it faces some resistance near the Camarilla supports at 5136 (L3). However, being a Gann reversal, it is expected to take the index deeper towards lower Camarilla supports which are 4990 (L4) and 4710 (L5). Breaking L3 will also qualify the index for another bearish strategy, i.e. the Camarilla strategy which may continue further towards the breach of the L4 level. While no prominent Wolfe wave patterns are noticed on the charts, we have a very strong support at the conjunction of the 2 - 4 line and the 1 - 3 line (see image). 

S&P CNX Nifty Hourly Chart
Nifty Hourly Chart
The hourly charts too predict a bearish move as the Nifty has already broken the 2 - 4 support line. With the bearish bias on the EOD charts, it can be expected the the index touches the 1 - 4  (yellow) line as can be seen from the image. 

1 comment:

  1. AnonymousJuly 22, 2012

    I have never seen anything so accurate. Hats off to MoneyPlanters. Keep up the good work.