Nifty Analysis Week 30 Aug - 4 Sep 2010

NIFTY Daily Chart

Hi, friends on continuous requests to share my ideas with the general public please accept my first post and i await your feedback to make this blog more interesting and informative.

NIFTY

The first look at the charts give us a crystal clear target of 5350 in this week starting 30th Aug 2010 to 4th Sep 2010. We have 3 major indications on the charts for a clear confirmation of start of a bear trend for the coming week ahead

1. Nifty has failed to trade above 5480-5500 decisively (confidently) 
2. There is a clear divergence in RSI and NIFTY 
3. Nifty  has broken an important trend line

5350 is a clear support but if 5350 fails NIFTY will find support around 5200. On the upper side violation of 5550 will only create a new bull trend, though shorts should be squared above 5500. 

In nutshell it is going to be a happening week and a trend decider too. Keep small stop-losses and do not sit on loss making positions. 

Stocks to Watch  -   http://bit.ly/dwF0SS

SBIN - Consolidation Breakout  
Bharti - Consolidation Breakout  
Tata Communications - Bearish RSI Divergence
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Happy Trading.