S&P CNX NIFTY as of 11/7/2008
Candlestick: - A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 20 white candles and 30 black candles for a net of 10 black candles.
Bollinger Bands are 35.63% wider than normal. The current width of the bands (alone) does not suggest anything conclusive about the future volatility or movement of prices. * S&P CNX NIFTY closed above the lower band by 44.0%.
The RSI is not currently in a topping (above 70) or bottoming (below 30) range. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a Buy 5 period(s) Ago. The current value for the 14 period RSI is 42.1505.
Divergence
The RSI and price are not diverging.
Summary
The current market condition for * S&P CNX NIFTY is: Very Bearish
The close is currently below its 200 period moving average.
The close is currently below its 90 period moving average.
The close is currently below its 30 period moving average.
Technically, for this week I m expecting nifty should test 3070 levels, (once again) If market sustains above mentioned level, can give spurt up to 3385 levels, otherwise it will correct & test these levels on the down side 2700-2580.
