Look at the interesting Observation. Today morning, the News of Gaddafi accepts the Peace Plan.. Markets rallied.
Now look at the 1 Hr chart of Crude. During the above News break, Crude oil dropped to 100.35, this is precisely the 38% level of the last up swing. It is now taking support at the 38% Level. It indicates that unless, it drops below the 50% level, it is likely to breach the 103 level which is the recent high, very soon.
Now let us see how our markets are positioned. If you look at any 30 Min chart of NIFTY, we can see that a Head and Shoulders is being formed around 5570. This pattern will get confirmed if NIFTY sustains below 5575 for at least half hour. The Choppiness today indicates that a strong resistance is being thrown to Bulls.
All these point to an interesting Weekly Close of NIFTY, unless a news favoring Bulls breaks out.
Please note that, till 5475 is broken, Intraday Bullishness will remain. An Intraday SHORT position can be taken only on the above said confirmation occurs. Since an Intraday View is given within this analysis, there will not be any Intraday call repeated tomorrow.
Disclaimer: The views expressed herein are to be used with your own discretion and neither analyst nor the publisher will be responsible for the outcome.
