Indices

Monday, August 08, 2011

INDICES: (BREAKOUT FROM RANGE)

Nifty & sensex both has broken down trend lines as per chart attached & confirmed Trend on downside. It was trading in thin range of 5200-5900 from last 5 months as written in previous view of 15/07/2011.

Break out form this range will lead to sharp fall in the market, it can go till 4800 & 16000 levels on both nifty & sensex respectively in medium term. One should use every bounce to exit long & create fresh shorts.

5300 & 17600 is immediate reversal & resistance levels (i.e.-neckline) for nifty & sensex respectively. It should not come inside necklines before achieving targets, if breakout is valid.

Disclaimer

The views expressed are based purely on Technical studies. The calls made herein are for information purpose only. The information and views presented here are prepared by Devang Shah . The information contained herein is based on my analysis of the Charts. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it. The Investment discussed & recommended on this website may not be suitable for all. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent Views, as they believe necessary.
While acting upon any information or analysis mentioned on this website, investors may please note that neither Devang Shah nor any person connected with him accepts any liability arising from the use of this information and views mentioned herein. I may hold long or short positions in the securities/commodities discussed herein from time to time. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities/commodities, or any options, futures or other derivatives related to such securities/commodities.

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