S&P CNX NIFTY as of 31/10/2008

A white body occurred (because prices closed higher than they opened).

During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 20 white candles and 30 black candles for a net of 10 black candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

S&P CNX NIFTY closed above the lower band by 29.5%. Bollinger Bands are 101.99% wider than normal. The large width of the bands suggests high volatility as compared to normal range. Therefore, the probability of volatility decreasing and prices entering (or remaining in) a trading range has increased for the near-term. The bands have been in this wide range for 15 period(s). The probability of prices consolidating into a less volatile trading range increases the longer the bands remain in this wide range.

The RSI is not currently in a topping (above 70) or bottoming (below 30) range. However, the RSI just crossed above 30 from a bottoming formation. This is a bullish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a Buy 0 period(s) ago.

The current value for the 14 period RSI is 36.5287. The RSI has just reached its highest value in the last 14 period(s). This is bullish.

Divergence

The RSI has set a new 14-period high while the security price has not. This is a bullish divergence.

Summary

The current market condition for * S&P CNX NIFTY is: Very Bearish

The close is currently Below it’s 200 period moving average.

The close is currently Below it’s 90 period moving average.

The close is currently Below it’s 30 period moving average.

Ø AS TECHNICALLY LAST WEEK WHAT I WAS EXPECTING,,,, IT HAPPENED (STRONG PULL BACK (Counter Rally) UPTO THE LEVELS: -2810-2930-3120

Ø FOR THIS WEEK 3070 LEVEL I M EXPECTING WITH HIGHER VOLATILITY AHEAD. SO BETTER TO BOOK PROFIT NEAR MENTIONED LEVEL N WAIT FOR CORRECTION TO RE-ENTER

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Posted by archit on November 3rd, 2008 | Filed in Economy | Comment now »

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