Nov 18, 2010

is Nifty is in firm grip of bears....???



is Nifty is in firm grip of bears...??? seems to be so....It closed below 55 EMA (5994.18) taking support at ichi cloud span A line (5970.60) on 16.11.2010. Tenkensen is on the verge of bearish crossover with kijunsen. On short term Ichi param, nifty is below the clouds with tenkensen bearish crossover with kijunsen and bearish cloud crossover on December 06,2010 indicates strong short term bearishness.
Short term Slow Stoc is in oversold condition indicating technical bounce. ...
Option reading index is -0.42 which is down from last trading day figure of -0.60 indicating selling may come back again.  Trade light and cautiously.

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