Nifty Forecast

Nifty Daily Chart
S&P CNX Nifty
The S&P CNX Nifty is sitting in weak territory. As far as Wolfe Waves are concerned, there is no traditional wave to be seen on the chart. However, for the sake of trading, we can see that the index did bounced off the  2 - 4 line on the last bar as seen on the charts. This very line could be a crucial support which once broken could trigger bearish movements.
The NSE benchmark index did close in between the H1 and L1 Camarilla levels for the month. This being a very weak zone holds no clues for us.

Gann studies reveal that the next reversal date lies on the 10th of September 2012. Once confirmed, the index may reverse towards a bullish trend. If not, the following dates of reversal lie on the 11th and 14th of September 2012, which again require confirmation.

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1 comment:

  1. 10th of September falls on Monday. So, as it often happens, if the Gann reversal date occurs a day before or after the calculated date (before in this case), then today the 7th of September could be a reversal day (since Saturday and Sunday) will not be counted. Let us wait and see if Monday offers a confirmation.