2)PSAR is giving sell signal since 11/07/2011 [Fig2]
3)RSI and Stochatics are neither in overbought or oversold zone.It can't say abt trend direction.[Fig3]
4)MACD Indicator still need a positive crossing to give buy signal. [Fig4]
5)Average Directional Index (ADX) indicator which point out towards the strength of the trendregardless of direction is edging lower which suggests that the ongoing trend is either not potential enough to continue or ongoing vagueness in it. An obvious trend now needs to get derived towardeither of the direction. [Fig5]
6)Nifty on Friday had reversed the direction from the low (5540) formed on last thursday hence it had
once more proven as the support in the hourly chart.
7)Nifty had reached the midway of the Bollinger Band suggesting situation to be neither overbought nor oversold. 20 DMA constitutes the middle band of this particular indicator and Nifty is giving whipsaw
around the middle band (20 DMA) . Any closing below this could drag index towards the lower band. [Fig6]
8) An authentic violation above 5539-
5662 levels could lift index towards the previous significant top of 5740 levels or drag it to 5500 level.[Fig 9]
9)Nifty for a turnaround in trend had to satisfy two more criteria including 50% retracement of the Fibonacci retracement sketched from 6338 & 5177 points and 200 DMA. Nifty had tried to reach out for 50% retracement of the latest major downfall. Bulls were not strong enough to breach those levels. Any leap from current levels could face hurdles at those points and
the regarding value comes at 5760. The major retracement zones and its regarding values are as
below.
23.6% : 5450
38.2% : 5620
50% : 5760
61.8% : 5900
100% : 6338
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