Nifty - Weekly Review
The Nifty during the week, closed with a gain of about 25 points at 5084 after showing a weekly low of 4911 and a weekly high of 5144. This is about a 5th of the daily ATR of 115 showing that the Bulls are pretty exhausted at higher levels.
On Friday, after the RBI monetary policy announcement, the volatility increased.
Quoting from our earlier post, on 12th Sept 2011,
the consolidation zone can be defined between 4950 and 5150, a 200 point range that is approximately twice the current ATR.
We had also expected a whipsaw to occur within this range and had warned ourselves not to be a pig and get slaughtered.
We believe, that this range will still act as major boundaries for both Bulls and Bears for the next week too, and any breach of this will provide for a new trend.
The next week could be as exciting and we are looking forward to the same. Could be a more rewarding week, with no major local events on the cards. Though the events in US and Europe could lead us through global trends. It's a Fresh Week, and could be a rewarding one.
Happy Trading.
For cash market recommendations see our Daily Pre Market calls on NSE
Acetylene Plant
The Nifty during the week, closed with a gain of about 25 points at 5084 after showing a weekly low of 4911 and a weekly high of 5144. This is about a 5th of the daily ATR of 115 showing that the Bulls are pretty exhausted at higher levels.
On Friday, after the RBI monetary policy announcement, the volatility increased.
Quoting from our earlier post, on 12th Sept 2011,
the consolidation zone can be defined between 4950 and 5150, a 200 point range that is approximately twice the current ATR.
We had also expected a whipsaw to occur within this range and had warned ourselves not to be a pig and get slaughtered.
We believe, that this range will still act as major boundaries for both Bulls and Bears for the next week too, and any breach of this will provide for a new trend.
The next week could be as exciting and we are looking forward to the same. Could be a more rewarding week, with no major local events on the cards. Though the events in US and Europe could lead us through global trends. It's a Fresh Week, and could be a rewarding one.
Happy Trading.
For cash market recommendations see our Daily Pre Market calls on NSE
Acetylene Plant
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