Wednesday, April 6, 2016

NIFTY - POST RBI POLICY

Hi Friends,

In my previous post I mentioned about the Diagonal in Nifty. As mentioned Nifty tested 7777, however failed to close above the Resistance. After forming a Doji Satr on Daily and Hanging man on Weekly Chart Nifty started declining this week. Today it dropped sharply post RBI Policy and formed Bearish Engulfing candlestick pattern; which is an Indication of Reversal.
NIFTY
The current Rise in Nifty might be a Leading Diagonal in Wave 1 of New Bull Market or just an 'X' Wave of the year long Bear Market. Nifty has not yet given a Breakout of the Channel Resistance. So there is no strong evidence to conclude this Rise as Start of Bull.

For Detailed Analysis please follow below link

http://trend-o-nomics.blogspot.in/2016/04/nifty-post-rbi-policy.html
Thanks & Regards,

Harsh Dixit.

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