Market Outlook for the week from 14th November 2011
As mentioned in the previous article Nifty gets restricted against trendline resistance and took reverse gear. Nifty made day low and respected 50EMA (5137) in the daily charts. Below 5140, 5100 is the key support. Also today closed below weekly support at 5180.
Market Breadth
The market breadth is negative with 361 advances and 1079 declines. Those who started shorting as mentioned in the previous post at 5280, they can keep them with a trailing stop at 5230. Wait for 5140 to break and slowly bring down your TSL accordingly.
Nifty Levels for the trading week starting Nov-14th-2011
4980 << 5080 << 5100 << 5140 << 5230 >> 5280
Indicators
Daily Indicators RSI, MACD forming negative cross-overs with their respective signals.
Nifty Daily Chart (Click on the images to enlarge)
Nifty OHLC Chart
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