18 March 2008, 8.00 pm
Nifty should find bottom at 4450-4468 zone
Momentum oscillators indicates an immediate trend reversal
Look at the hourly technical chart of Nifty since the starting of this bear market. There was a bounce from 4600 to 5000 and then came down to break 4600 and touched 4468 today. During this action have a look at the Relative strength Index. When Nifty breaks 4600 and went down, RSI was creating an uptrend pattern. This indicates that the support at 4450 will be protected and a short term trend reversal can be seen from here. Technically market found a double bottom at 4450-4468 zone. On an uptrend immediate resistance of Nifty is at 4620-4650 levels. On breaking this zone, Index can move up to 4740 by non stop.
On a rally, Global incidents will have a big roll to influence the waves of action. Lot of hurdles on the upside is expected.....
Let's wait and see.......